Hi all! We’re new to the renovating game and are negotiating a deal in Tassie.
The numbers look good, unfortunately, the inspection revealed a tired old property needing lots of cosmetic and some not so cosmetic work done to it. Briefly, it needs
– interior & exterior painting (inc. replacing some weatherboards)
– leaks and some rot in ceiling and bathroom floor
– cistern & pan need replacing
– rotting windows
– evidence of rising damp in 2 rooms
– underfloor inspection recommendedMy question is – how much do we need to delve into underfloor inspections and looking for rot eg. in stumps and the cause of the rising damp, and also how far to go in rectifying all these “non-cosmetic” problems.
I understand that cosmetic renos will add perceived value to tenants translating into increased rent, but re-stumping and rectifying rot won’t necessarily. Given that we certainly don’t want our investment to fall down around us (or more importantly, our tenants!) how far do we go.
Also – these rectifications will be treated as capital works and not repair works, yes? Can we leave eg. rising damp treatment for later and call these repairs?
Your responses would be helpful to help us decide if this is a problem we can fix or whether to look elsewhere.
Thanks very much in advance!
Flyingharp
*** Trust but verify ***
Hi Fharp,
I reckon you could certainly “REPAIR” a lot of these things and claim it as such in a few different stages.I suggest leave it at least 6 months first.
Hope you are making allowance for the repairs in your negotiations. I am sure you are. If so there is not such a problem.
This is not expert advice etc etc…..[rolleyesanim]
Giddo
http://www.standrewsplace.com.au“I am not a religious man; but if you are out there somewhere Superman, save me now! -Homer Simpson
The numbers look good, unfortunately, the inspection revealed a tired old property needing lots of cosmetic and some not so cosmetic work done to it. Briefly, it needs
– interior & exterior painting (inc. replacing some weatherboards)
– leaks and some rot in ceiling and bathroom floor
– cistern & pan need replacing
– rotting windows
– evidence of rising damp in 2 rooms
– underfloor inspection recommendedhi – that sounds like 20k plus if you are trying to do it remote – I would ask the real estate agent politely if he could find you a deal exactly like that one without all the problems.
Rotting window can be a huge expense, painting no biggie but sanding and prep pf weather boards can get beyond a joke
Restumping roughly 7-12k then you have to fix all the damage the movement caused
If you are on the spot get under and have a good look around with torch, camera etc –
cheers
I Buy New Zealand Property – All types and conditions [email protected]
Don Nicolussi | Mortgage Broker - Home Loan Warehouse
http://homeloanwarehouse.com.au
Email Me | Phone Me"I think of finance as a technology, a way of getting things done." Robert Shiller
Hello flyingharp…
$20K would be cheap tidy up of all those problems…
Have you tried these guys?
I dont have any recomendations or experience with them though they may be worth slotting some time aside for…
Best of lu.. You all know i dont believe in it…
Get that DD done and knock heads together, the agents blind sided you guys C’MON!! or is it one of those acreages for under $100K?…
“ask and you shall recieve”
Sincerely, Jarrah
++CASH FLOW PROPERTY HUNTER
(your not hunting if your not hungry)[email protected]
Climbing & Consulting
Arboricultural Services
0431433288
http://friendlyfarms.org.au/
“be ye angels?”,
“nay we are but MEN!”Hi,
My first reaction would be to look for a better deal – but just because it looks like trouble it isn’t necessarily so. Find a builder/renovator/handyman who you would trust to do the work and who is thinking along your lines, and get them to look at the property and tell you what they think needs doing and how much it will cost. Rising damp could be an easy fix (eg a blocked drain that is flooding the underfloor – I fixed one of these a few weeks ago for about 5 minutes work) or it could be hard.
For me, restumping is required if your floor is springing when you jump on it or if the walls/floor is very out of level and obviously sunken. If you can’t see that it needs restumping from on top then chances are it doesn’t. How many houses fall down because of rotten stumps? None I would hazard a guess. Houses have to be VERY rotten to be unsafe. Even if you have a couple of sunken (rather than rotten) stumps you can pack them up a bit quite easily if you can get to them.
Small rotten sections in window frames can be repaired with builders bog and anti-rot chemicals – as long as you can stop the area getting wet again, which can be a problem with flashing or gutters.
Termites are another story to rot however …..
Good luck,
Andrew[wink2]
I just love these types of reno’s !! Too hard for the average punter. As long as you pay around land value for the property most problems can be fixed, if not lots of builders bog and oil based undercoat !!
Amanda
“It is better to be inconspicuously wealthy, than to be ostentatiously poor…”Amanda, sweety, would you be taking all that antique jewelry off before rolling the sleeves up? I could see you down there under the house yelling out for another wedge and another bottle jack!![whistle]
“ask and you shall recieve”
Sincerely, Jarrah
++CASH FLOW PROPERTY HUNTER
(your not hunting if your not hungry)[email protected]
Climbing & Consulting
Arboricultural Services
0431433288
http://friendlyfarms.org.au/
“be ye angels?”,
“nay we are but MEN!”
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