Hi I am about to purchase a house which was built early 1900’s. The thing is, I am not sure whether to get a builder or professional renovator in before I buy, and if I do buy, should I do it myself. I intend to rent the place out.
Any tips on how to renovate, where to go etc.??
Cheers
AlexHi Alex,
I think most people would recommend a building inspection be done on such a property, especially considering its age.
If you are planning to make an offer, make sure you put it in writing that the offer is “subject to satisfactory building inspection”.
The inspection report will tell you of any major defects in the property and should also tell you what works needs to be done to rectify any problems – it may even include a rough estimate of price.
Renovating can be fun and traumatic at the same time, so good luck if you plan on doing the work yourself.
Cheers,
Sue [biggrin]“Be careful not to step on the flowers when you’re reaching for the stars”
Hi Alex,
Great advice has already been given to you by Sue – about the building inspection. You have probably already read the Chapter on the “Renovation” Steve wrote in “From 0 to 130…” Lots of cautionary good advice on what to look out for if you plan to do the renovation yourself. Another book I recently read has two very good chapters on renovations. The book is “$10 Million Property Portfolio in just 10 Years.” by Peter Spann. (it’s out in the book shops. Chapters 16 and 17 have great advice on renovations, pecially if you are planning to rent the renovated property. In answer to your question, I believe you can do some of the “rough” work, but leave the finer details to the experts… for that you’ll need a professional renovator.
Regards,
Ricardo Bonel
yep all good advice.
How much of a reno does it need? I assume being built in the 1900’s it would be fairly major restoration.
Is it heratige listed or have any other limits?
You might want to get someone experienced in this type of building. Do the building inspection with him so you can ask heaps of questions and find out more than you would from reading a report.Also ask the builder if you can work with him(if you have time). It will teach you some skills and you will find, with the right guidance that you can do more than you think.
[builder]
Matt
Check the requirements for home owners warrenty insurance,varies depending on which state the renovation is in.Most builders have this product which actually protects the owner not the builder.however if working as an owner builder then you require this insurance yourself and the subcontractors require the insurance.Be careful because as an owner builder in NSW,you will need it at time of resale.
Also becareful of new safety OH &S regulationsRegards Terry the builder
If you do the reno yourself then double the time you think it will take you and it’ll most likely be closer the amount of time it actually takes. Then you need to take into account the mortgage payments for that period of time as a cost as you can’t rent it while the renovation occurs. Once you’ve done this, is it still cheaper for you to do yourself?
PK
Purplekiss, you said it right mate.
Doubling the time you think it will take is a great way to budget. Plus, guarantee yourself there is going to be some nightmare lurking somehwere ready to jump out at you. Our nightmare was that the timbers in the walls are no where near plumb so we have rather warped walls even though we’ve replaced the gyprock and all. Oh well. That’s what you get with an old house… AND OURS IS ONLY 35/40 years old!
The key to remember your doing it up for a tenant. Not yourself. When shopping, ask yourself what you would like to start with, so you get it out of the way, then go and look at cheaper alternatives. Renters don’t want seriously flash things. Just clean and reasonably nice looking.
Good luck and don’t get disheartened if you do decide to take it on.
Scremin
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