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Property Investment Renovation Needs Checking In Older Properties

November 19, 2012 | admin | Comments 0

Property Investment RenovationAs we all know there has been a lot of renovating going on in the past 10-15 years and some of those alterations are now getting quite old.

When buying a property it is important to check how much of the building is the original work. Again, as we all know there are renovators and then there are ‘renovators’ and it is quite possible that you would not want to buy a property that has had work done on it by a ‘renovator’.

Of course, here I am alluding to a property that has been renovated by someone who is not necessarily a skilled laborer and who has done the job on a shoestring.

For example, they may have only done the renovation for their own purposes and they could have spent some money on making the outside appearances look great, but some of the inside work has been done on the cheap.

Another point to be aware of with a ‘renovator’ job is knowing to what extent the renovation has been done. If funds were tight items like the hot water system could need replacing and possibly some of the alterations that have been done should have been council approved but were not.

I know of properties where this type of situation is known but the buyer has still gone ahead because if the council did search and object to the work, the cost of change would not be very much, but there are cases where a change that the council building inspectors would demand, could cost quite a large amount of money.

Always make sure of the date of the building and check to see if any renovations have been done.

Filed Under: FeaturedProperty Investment TipsRenovations

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