You’ve done your research and you know exactly what you want to buy: a single fronted terrace in the inner suburbs that needs a bit of love. (And money).
The most important ingredient in any renovation is the property itself.
Sink a lot of reno dollars into the wrong property in the wrong location and chances are, no matter how grand your reno is, you won’t get the best return for your investment when it’s time to sell.
Finding the right single fronted terrace for your renovation affections is likely to take time and legwork. Why? Because the perfect ones are rare. I’d estimate maybe 1 or 2 per cent of the total market, so be prepared to put in some effort to find it.
When you’ve limited your geographic search to a couple of suburbs, it’s time to get down to the nitty gritty of the property itself.
Savvy inner urban buyers are looking for convenience, otherwise they’d be living in the outer burbs.
That means the property needs to be close to shops, cafes and transport. And I’m talking close—no more than 600 or 700 metres from the door step.
Before you even begin to worry about the internal floor plan, the next item on your checklist needs to be parking. Believe me, this can be a deal breaker.
If your plan is to renovate the property in such a way that it will springboard into the higher end of the market (roughly $1.7 - $2 million for single fronted terraces) then off street parking is essential.
Buyers who are going to pay that kind of money will generally be driving a schmick set of wheels.
Under cover parking is their strong preference.
If you’ve set your renovation sights on something a little more modest—the lower end price range for inner-city terraces comes in around $1 - $1.4 million—then you can get away with no car park.
While we’re on the exterior, here are three more things to consider:
- When it comes to street frontage, it’s a case of the wider the better.
- If you’re faced with the choice of a high set or low set property, always opt for the high set, whether that’s high set on the block or the higher part of the street.
- A separate roof line always adds to street appeal (but isn’t essential).
Next up: floor plans. The ideal layout for a small single fronted home with 2 bedrooms is a bathroom separating the bedrooms for noise control and access.
In a 3 bedroom terrace, you also want to have space for a study nook. Ideally you’ll have a bathroom in the middle of the bedrooms for the same reasons above.
Last, but definitely not least is storage, which is actually one of the most important considerations.
Space is in short supply in most terraces so there needs to be a clever use of space and particularly clever storage options. Make sure you can maximise it wherever possible.
It’s quite a bit to ask for, I know, but a renovation takes time, effort, energy and money. You don’t want to risk your savings or your sanity on a subpar purchase. Buy well to sell better.
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