Over recent years, as a buyer’s agent, buying for both homebuyers and investors, I have noticed less inclination in Briefs to “buy a reno”, that is, a house or unit that may have great location, suitable land size, and with “good bones’ (according to the building inspector), but need an internal renovation.
One of the reasons may be the unknown cost of renovation, even if you don’t do a “BLOCK”, and do it yourself.
For a ”full reno” the scope of what is required can be assessed by an architect or builder, and we have the contacts. For a cosmetic makeover, the cost of tradies can be worry, and an unknown. Labour costs for each trade, according to a survey by Service Seeking are: as below. They will of course vary between cities.:
|Trade||Average hourly rate||Quarterly change||Yearly change|
|All trades average||$61.80||<1%||4%|