The key message from any property investor or experienced home owner is that you always try and create the value when you buy. Be that buying under market value, buying a house on a subdivide-able section , having the option to add another room and create more rent or, the good old “doer-upper”.
I have this conversation with my clients regularly and the doer-upper is definitely a way of getting into that first, second or dream/forever home at a more affordable price point than say…..buying the other houses in the street.
However, with a doer-upper comes some challenges and some hard work so before you go down that path, have a look at this article published by the settled.govt.nz team - it could make the difference between buying well and buying really badly…..
Oh, and for the record, the most important line in this whole article is the following line:
“The last thing you want is to end up owning a property that not only stretches your finances but is tough to market when the time comes for you to sell”
Sage Advice in my view.