Should You Buy a Fixer-Upper? 5 Questions to Ask First.
Buying a home that needs work — often called a fixer-upper — can be a tempting way to enter Canberra’s property market. With median house prices among the highest in the country (see ACT Government housing insights), more buyers are weighing up whether an older, cheaper property is worth the extra effort of renovation.
Before signing the contract, here are five key questions to ask yourself.
1. What’s My Budget — Really?
Fixer-uppers usually come with a lower purchase price, but the real costs show up after you move in. Renovations can be expensive — especially in Canberra, where building approvals and compliance are regulated by Access Canberra.
Consider:
- Renovation costs (labour, materials, permits).
- Ongoing holding costs if the home is unliveable during works.
- A buffer for unexpected issues like asbestos, mould, or outdated wiring.
If you’re selling later, our Renovations page explains how Your Property Profits helps clients budget for maximum return.
2. Do I Have the Time and Energy for Renovations?
Renovating is not only about money — it’s about time, stress, and disruption. Living through a renovation means dust, noise, and constant decision-making.
If you’d prefer a smoother process, companies like Your Property Profits offer a managed pre-sale renovation service — taking care of design, compliance, and construction so you don’t have to.
3. Am I Comfortable With Compliance and Safety Regulations?
Older homes in Canberra often need upgrades to meet today’s building and safety standards. From asbestos management to electrical rewiring, compliance is non-negotiable.
Key regulations include:
- SafeWork ACT – workplace and site safety.
- City Services ACT – planning and approvals.
- Clean Energy Council – solar and energy upgrades.
Compliance can feel overwhelming, but working with licensed trades and renovation specialists ensures your property meets all ACT requirements.
4. Will Renovations Add Value in Canberra’s Market?
Some upgrades deliver strong returns, while others simply drain your wallet. In Canberra, buyers pay more for:
- Modern kitchens and bathrooms
- Fresh paint and flooring
- Energy-efficient features (solar, insulation, double glazing)
- Outdoor spaces with low-maintenance appeal
On the other hand, over-customised layouts, high-end luxury additions in entry-level suburbs, or poor-quality DIY work often fail to deliver value. Explore our
Curb Appeal Enhancements page to see how small upgrades can boost resale value.
5. What’s My Exit Strategy?
Are you renovating to live in the property long-term, or to sell for profit? Your answer changes everything.
If you’re planning to sell, consider our unique Contract & Profit Share model. We renovate your property now, and you only pay once it sells — sharing in the profit without the upfront risk.
The Bottom Line — Is a Fixer-Upper Right for You?
Buying a fixer-upper in Canberra can be a smart move if you:
- Have a clear budget and renovation plan.
- Understand local compliance requirements.
- Are realistic about timelines, stress, and costs.
For buyers who like the idea of potential without the headache, working with a trusted renovation partner like Your Property Profits can be the difference between a dream result and a money pit.
FAQs
Is it worth buying a fixer-upper in Canberra?
Yes — if you budget carefully and plan upgrades strategically. Managed renovations can help maximise value.
What are the risks of buying a house that needs work?
Unexpected repair costs, asbestos, outdated wiring, or compliance issues. Always allow for a buffer.
How much does it cost to renovate an old house in Canberra?
Costs vary, but full-home renovations can range from $50,000–$150,000+. See our Renovations page for guidance.
What renovations add the most value when selling?
Kitchens, bathrooms, energy efficiency upgrades, and strong street appeal.
Can I get help managing a fixer-upper renovation in Canberra?
Yes — Your Property Profits offers end-to-end project management with licensed professionals.
Ready to Explore Your Options?
If you’re considering buying (or selling) a fixer-upper in Canberra, Your Property Profits can help maximise its value. From kitchens and bathrooms to full-home makeovers, we manage the process start to finish — so you get the best possible result without the stress.
📞 Contact us today for a free consultation.
