What should you ask yourself before buying a property to renovate?

The short answer

Start with where you are today and what state the property is in, then with what you — and your partner and family — actually need from it. Ask what kind of design would meet those needs, and how far the property has to go to get there.

Four questions, in order

Before the bid, Perit Matthew James Mercieca from MJM|DA starts with questions rather than numbers:

  • “Where am I today? What state is the property in?”
  • “What are my needs as a user? As a future user: my personal needs, my partner’s needs, my family’s needs.”
  • “What kind of design is going to satisfy those needs?”
  • “And therefore, where do I need to go in order to fulfil my lifestyle wishes within that property?”

Your needs set the destination

The property's condition is where you start, but the people who will live there decide where you're going. It's the same principle Matthew applies at a viewing — place yourself and your lifestyle into the space — and the opposite of the most expensive mistake buyers make: letting someone else's idea of the next step set your direction.

The distance is what you're taking on

The last question is the one that turns into time and money. Matthew reads a property's age, its condition and the gap to finish; answering these four questions before you bid tells you how big that gap is for you — and that's what your renovation budget has to cover.

Sources

  • Perit Matthew James Mercieca — Yitaku Asks video (Architect Series, Cluster 4: current state, the users' needs, the design that meets them, and the distance between)

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