Hey Guys,
Well after a hectic 3 weeks I just moved into my first home. Now we had a bit of an issue with the pool, it was found that the pool has a leak, as to where we do not know yet but we are assuming hydrostatic valve at the moment (long story). After a bit of back and fourth the seller has agreed to fix the pool at there expense, but being in mt isa labour is expensive and they have opted to get someone from the coast to come and do it. This doesnt bother me to much as im not in a hurry to use the pool and just happy I am not paying for it.My question is, we took early posession of the property as we negotiated this condition. We want to get started on some quick renovations asap but was advised by my lawyer that anything we do may have to be reversed if something goes wrong and somehow the contract falls over. My finance is unconditional and settlement is due 10th Nov but settlement cannot commence until the pool is fixed. The seller advised the pool people will hopefulyl be done fixing by 30th, meaning we live mortgage free until this time right?
So my questions:– Can/should i conduct any renovation work prior to settlement
– Have people done this before and just run the risk? anything we do will be an improvement but lawyer did advise may need to reverse if seller wantsYour Lawyer has a point !
You should not risk doing renovations until the settlement occurs.
Unless you have a contract that has terms of wording that any improvements done by you before settlement will be paid for by the vendor in the event that settlement doesn't occur and the Vendor agrees to it.However you could have wording that access be allowed to allow quotes to be done by tradies that will commence work after settlement.
Not sure on the mortgage part as settlement was 10th of November in writing. Insurance has to be in place also for settlement to occur.
Cheers for the reply,
Insurance is all taken care of. Not getting any on-site quotations from contractor as I am doing the work myself.
I see where the lawyer is coming from, but i do remember reading that this was a investment technique some people used. They buy a house, get early posession, smash some renovations up quick smart and rent it out or sell it straight away (im assuming certain fees and charges are wavered in this process). I think I will hold off and we will just go do some paint colour shopping, kitchen designing and carpet choice and have it all in place for when we take full posession. It would just be nice to get some work done asap, prior to having my knee reconstructed mid this month……..cant see me getting on all fours to lay a bamboo floor with that.
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