Jas Stephens Magazine 17 May 2014

17th May 2014

RENOVATORS DELIGHT OR MONEY PIT? The advertisement said “renovator’s delight”. Which means either it needs lots of work or perhaps just a little TLC. But how quickly will the delight wear off once you start to add up the investment required to bring the property back to life?

Before deciding to put in an offer, or bid at auction, one of the first things you’ll want to do is have the home inspected for structural integrity, defects and potential problems. A building inspection should be carried out by a qualified builder and helps to ascertain the overall “health” of the house you’re about to buy. A bad roof, leaky plumbing or termite infestations can usually only be found when a house doctor crawls through the attic, under the house and on the roof. If there are major problems found, potentially it can stop the deal dead in its tracks.

Yarraville

104 Somerville Road 9316 9000

Williamstown 1/66 Douglas Parade (Corner Stevedore Street) 9393 1600 www.jasstephens.com.au

But what if there are no major problems but minor ones? What if the carpet, while not in dire straits, is definitely worn and could use an upgrade? Or perhaps the deck needs a good work over. Maybe a trio of toddlers has inhabited the home you’re about to buy with a penchant for drawing cartoon characters on the walls? New paint job?

Such minor, perhaps cosmetic concerns may not be strong enough to deter the determined renovator, but it is important to understand a reasonable accurate cost for the improvements identifying what are the “mandatory” issues that need to be addresses, e.g. a new roof, reblocking and secure perimeter fencing.

Internally, you may envisage renovation, but if that is 5 years away, could you afford to simply make some basic updates in the kitchen and bathrooms? Freshening up cabinetry with a coat of pain? Replacing an outdated toilet or vanity unit? Pull back carpets and polishing floorboards?

These are all improvements that will only add the value of the house, regardless of whether you stay the long haul and renovate or extend further down the track. It’s all about your budget and your family’s individual needs.

A building inspection will reveal structural (read expensive) issues with the house, but sometimes it’s not all bad. That renovators delight could easily become the most beautiful house in the street!

Craig J. Stephens Managing Director / Officer in Effective Control M 0418 547 938

As a service to our vendors, we will require names & phone numbers on entry of all inspections.

Privacy Act 2000: We use personal information collected from you during open for inspections for security purposes. We may also use that information to contact you with respect to this property and others we believe may be of interest to you.

Also, we may contact you in relation to other services provided by us or our associates such as insurance, mortgages and loans. By providing your information to us you agree to our use of it as described above unless you advise us differently. If the information is not provided we may not be able to provide an effective and comprehensive service to you. (Your personal information will be collected and held in accordance with provisions of the Information Privacy Act 2000).

We have obtained all information in this document from sources we believe to be reliable, however, we cannot guarantee its accuracy. Prospective purchasers are advised to carry out their own investigations.

We strongly recommend that you clearly register your interest with our representative at the open for inspection, so that in the event of a sale being imminent, your position is protected.

We make every effort to contact all interested parties prior to a property being sold.

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Call Nicole Grech on 9316 9012 to discuss your options.

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Phone 9316 9025

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suestevens@provincialhomeloans.com.au maxwaller@provincialhomeloans.com.au

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Rental Department Manager

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Director Provincial Home Loans