VIC Bendigo Major Renovation

I am currently looking at purchasing an off-market 3 bed, 1 bath, fully detached home on roughly a 400sqm block. Not a perfect rectangle but it has dual frontage (more on one side and then other is a driveway). It is in a "Neighborhood Character Overlay". They are asking $375k.

This property is pretty run-down and in desperate need of a reno but in an amzing location (first block of 'burbs outside of the city). I am currently looking at options and trying to decide which avenue to take.

Does anyone have thoughts on potential scenarios? i.e. building a granny flat in the back, or re-building completely, or just renovating what is there etc.

Thank you in advance

 

First thing I would do is get a paid valuation.

Next would be have a builder come and cost potential renovation works.

And knowing what I know now.. Have trades come in and individually check what needs to be done and get there opinion also.

Plumber.. Roof.. Electrican.

Probably $2000 so far.

If the Reno turns out too costly and time consuming as you have a full time job.

You will then know that plan b knock down and rebuild could be the way to go.

But first thing is you must be aware of what your upfront costs will be.

Renovation should follow a guideline . I. E. What works are better performed first.

Also you may like to follow existing streetscape so this needs to be taken into consideration.

And importantly what is your spend.. Are you planning to borrow.. Or use existing funds.

Implications of a knockdown and rebuild tax wise.

So Accountant would be on the list as well.

And most importantly the local real estate agent who will key you up on potential rent.. and ease of, what tenants look for.

And what compensation you may receive for all your great effort and work!

Hth

 

Also be aware of rules in Vic depending on your plans re a GF. You can’t rent a GF to unrelated parties to the main home if this is for an IP.
If for an O/O and genuinely for your granny or teenagers this is usually ok. (Assuming GF compliance etc).