All Topics / General Property / Renovate before settle?

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  • Profile photo of majoh3majoh3
    Member
    @majoh3
    Join Date: 2005
    Post Count: 3
    April 27, 2005 - 3:55 am

    Hi

    If I purchased an IP to renovate and then rent out, can I only start modifying the house or renovating once I have settled?

    I guess I want to know whether I can have an iron clad agreement and renovate straight away but not start paying the loan back untill I can get as close to having the property ready to rent out as possible ?

    Thanks

    M.Johnston

    Profile photo of BeanieBeanie
    Participant
    @beanie
    Join Date: 2003
    Post Count: 36
    April 27, 2005 - 7:22 am

    Hi majoh3 you can start renovating before settlement but you would need to have it written into your contract.You usually ask for access to the property once the deal is unconditional (finance is approved and all pest and building inspections are complete), also you can ask for a longer settlement 60 or 90 days to allow you longer to do your renovations without the additional interest costs.Regards Beanie

    Live every day like its your last

Viewing 2 posts - 1 through 2 (of 2 total)

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