When you’re looking to buy a property, how can you truly tell if it has renovation potential? That’s the question we dive into in this episode. With a focus on the top six things to look for, we cover what adds value and what doesn’t, how to spot hidden costs, and which projects are best left untouched.

We start with why location is key, and why it’s something you must get right before you even think about renovations. We also break down the difference between a cosmetic facelift and a full-on renovation project, so you can figure out if you’re better off avoiding that fixer-upper. You’ll hear about the importance of good bones, solid maintenance, and why not all renovations will actually increase your property’s value.

We also deep dive into how the layout and orientation of a property can impact both livability and resale value. Plus, we touch on the importance of flow—because no one wants a home that doesn’t make sense, no matter how nice it looks. And let’s not forget those big expenses like rewiring or re-stumping. They’re essential, but we explain why they don’t always add the kind of value you might expect.

By the end of this episode, you’ll have a much clearer idea of what to look for when assessing a property’s renovation potential. So if you’re ready to dive into the nitty-gritty and avoid making costly mistakes, we’ve got you covered! Tune in for all the details.

Episode Highlights:

00:00 - Introduction

02:16 - Example of a home that you wouldn’t want to bother renovating

03:41 - The importance of location when choosing a property

08:14 - Top 6 things to look for when assessing the renovation potential of a property

08:36 - Number 1: Bones of the property/Structural soundness

11:42 - Number 2: Is it well-maintained or neglected?

17:27 - Number 3: Orientation

20:22 - Number 4: Layout

24:48 - Number 5: Ensure appropriate room proportions for the upgraded layout

28:33 - Number 6: Feasibility

30:54 - Non-value adding renovations — necessary but don’t necessarily add value

37:43 - Danger zones — things you can’t fix

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast -support@homebuyeracademy.com.au
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.

Buying your first home can feel like a real challenge, and if you’re feeling unsure, you’re not alone. In today's episode, we answer more questions from our Member Only Facebook group to help clear things up and guide you in the right direction.

We kick things off by tackling a big question: should you buy in your dream location now and rent it out, or wait until you’ve saved up a bigger deposit? We break down the pros and cons so you can make a decision that works for you.

Next up, we discuss home and contents insurance. We go over what you need to think about and suggest some good providers to help keep you covered.

Then we dive into whether it’s worth stretching your budget for a detached home instead of settling for a duplex, weighing the options so you can see what fits best with your plans.

Finally, we give you some handy tips on what to look for when inspecting a property. It always pays to know what to check so that you can be saved from unexpected issues later on.

Tune in to get straightforward advice and answers to help you confidently move forward with buying your first home.

Episode Highlights:

00:00 - Introduction

02:04 - Meighan’s special house of the week

03:15 - Should you buy in your dream location now and rent it out or wait for a bigger deposit?

08:58 - Top considerations for home and contents insurance and recommended providers?

13:42 - Is it worth stretching your budget for a detached home instead of buying a duplex?

17:46 - What to look for when inspecting a property

Resources mentioned in this episode:

• Your First Home Buyer Guide Podcast Episode 191: Facebook Questions Answered: What Every First Home Buyer Needs to Know https://homebuyeracademy.com.au/podcasts/191

Resources:

• FREE MINI COURSE: How to price property like a professional https://www.homebuyeracademy.com.au/freecourse
• Meet our recommended mortgage brokers at Home Buyer Academy https://homebuyeracademy.com.au/brokers
• Visit our website https://www.homebuyeracademy.com.au/
• Join our Facebook Group to get access to free monthly live Q&A sessions
• https://www.facebook.com/groups/yourfirsthomebuyerguideaustralia
• Learn how to buy property without making a mistake with our ultimate 10-step online course for first time home buyers https://homebuyeracademy.com.au/YFHBG
• If you have any questions or would like to be featured on our show, contact us at: Your First Home Buyer Guide Podcast support@homebuyeracademy.com.au
• Looking for a Sydney Buyers Agent? https://www.gooddeeds.com.au
• Work with Veronica: https://www.veronicamorgan.com.au
• Looking for a Brisbane Buyers Agent? https://www.propertypursuit.com.au/
• Work with Meighan: https://www.linkedin.com/in/meighanwells/

If you enjoyed today’s podcast, don’t forget to subscribe, rate, and share the show! There’s more to come, so we hope to have you along with us on this journey!

• Subscribe on YouTube: https://www.youtube.com/@YourFirstHomeBuyerGuidePodcast
• Subscribe on Apple Podcasts: https://podcasts.apple.com/ph/podcast/your-first-home-buyer-guide-podcast/id1544701825
• Subscribe on Spotify: https://open.spotify.com/show/7GyrfXoqvDxjqNRv40NVQs?si=7c8bc4362fab421f

See omnystudio.com/listener for privacy information.