Hi gays,
Guys. I’m looking to buy the first projects. [strum] I selected few areas and I got some ideas on what sort of properties are there. This weekend I’m planning to do inspections. So wish me a good luck.
What is your strategy when you are searching for the reno projects?
Do you just tell the real estate you want a building to renovate?
Or you just look for the xxx bedroom, bathrooms and carports at xxx and original conditions are OK?During the initial inspection do you estimate the potential price after the reno with the same agent (doesn’t really make much sense to me…[blink]) or interviewing other agents in the area?
Do you ask the selling agent what sort of renovation projects are in demand, or interviewing others?
What questions do you ask the real estate? (eg. When the last time the land/property was valued? Was it rewired? Etc)
Any tips?
[baaa]Cheers
Lesia
[evo]
http://www.vmstreamline.comHi Lesia
Things to do B4 you look.
My current projects – pair of duplex’s I spotted in the paper, they were labelled srcuffy (try disgusting) anyway, I thought they were really cheap so hopped on the net checked all the ones for sale on 2 sites, check the council web site for new developments in the area and checked latest sales figures from REIWA and a couple of bank sites.
Info obtained – all 3 x 1 sales were 260k + , they are in between to new developments ( 1 extremely large ski park estate) the suburb name is to be changed and all sites I looked on predicted double digit growth, even with the slowing market.
So I rang the REA and had a look on the Monday – the 1st looked fine could not see anything major -except illegal carport and termites in the 2 patio posts – the 2nd had tenants and was so disgusting I did not go in.
I put offers on both subject to inpections ,building, pest, finance, with staggered settlements – offers were accepted and past all inspections – except termites in tree stumps and patio posts – stumps fixed by seller and $ 340 fixed the patio posts.
I do 90% of the work my self, so I have relatively small budgets, I try to make them look like a display homes, Everyone loves something new.
My last reno -1 bed apart – I have B4 and after photo’s in the gallery and also, the 1st duples’s B4.
If you take a look around some display homes, they will give you an Idea of what the market wants. Also, each state is different – Perth hardly any front fences, definitly air con (38 today 43 tomorrow) Melbourne heating is more important then cooling etc.
I actually haven’t asked a REA anything. I look for totally disgusting places that nobody wants.[blink]
Celeste
hi you just have to go and look ,most agents dont really know what they have and are in the business of shifting accomodation to the first person who can afford it.
some thing i just noticed was that the “nice ” house we looked at had grandma carpet and pastel shades that would have been hot 50 years ago. it was all in good condition and was priced accordingly.the one we just put a deposit on( 60k cheaper) had threadbare carpet ugly 70s wallpaper etc…either way they both needed the exact same work !
men buy sheds and loungerooms ,ladies look in the bathroom and kitchen (moral a big shed my save you a kitchen reno….)cheers
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