You only have to go for a quick drive down a suburban street to see how popular the renovation game has become, with home owners making big changes to their property, spurred on by the latest raft of renovating TV shows gracing our TV screens. In Brisbane it’s grand old Queenslanders that are receiving all the attention, while weatherboard beach shacks are in vogue on the Gold Coast.
So what should you look for if you’re considering buying a property to renovate?
Buying a property that is in need of a bit of love and care can be a lucrative investment, as often you’ll be able to pick up a property in a better area, for a better price. You’ll just need to be prepared to put in some elbow grease and bring the property back to life. It’s important though that you follow the correct approval procedures.
Step one to purchasing a property to renovate is to decide how much work you would like to put into a property and whether this will be extensive in nature. If so it’s a good idea to get in touch with a conveyancing solicitor early and undertake a few searches on the property.
Solicitors do not generally undertake a physical inspection of the property as part of the conveyancing process, but they will undertake searches of the property, however in most cases these will not be sufficient if you are intending to carry out major renovations to the property. In this case it is vital you undertake the relevant optional searches your solicitor offers in order to learn what local council and building services authority approvals will be required for the renovations.
If you are buying a property that has already had some renovation carried out a search of the council building approvals records should be carried out in order to learn if the current renovations have council approval. This search will cover an inspection of the plans of the property and any alterations to investigate compliance.
Before commencing any renovations of the property it’s a good idea to have a valuation, or real estate agent’s appraisal of the property undertaken to get a good idea of the property’s value. That way you can calculate how much you want to spend on the renovation works so as you don’t over capitalise on the property.