Sydney House Inspection

Sydney House Inspection

Sydney House Inspection

Sydney House Inspection

If you are going to buy a do-er upper like the one above you need to know your numbers upfront and entirely what you"re in for before you part with your coin.

(Before we get to that i need to remind you to book a Sydney House Inspection before you purchase. The condition might be much worse than it looks.)

 

Here"s a basic analysis of what you"ll need to know, or at least an estimate:

  1. The purchase cost up front.
  2. How much it will cost to get it to the level you want it, either to live in or to on sell.
  3. How much it will be worth when its finished.

Lets look at each one in a little more detail.

1.You need to do your research first and come up with a figure that you"re willing to pay, a top dollar as it were. This is a bit tricky with a do-er upper as there aren"t many comparable sales to compare with. And don"t listen the the real estate agent, you need to come up with what YOU think its worth.

  • You could go by land value only.
  • You could find recent comparable sales. If you can.
  • Or you could find similar properties in good condition and deduct your building costs.
  • These are just a few ways to come up with a purchase price range. Do your research up front ok.
  • Don"t forget to include any costs that are in the Sydney House Inspection report. Could be structural issues or termties etc.

2. If you"re in the building industry you"ll have a rough idea already, otherwise get quotes on material and labor to come up with a finished figure. A pretty good estimate is ok.

3. You again need to do your research and with a bit of smoke and mirrors here.

  • Why smoke and mirrors? Say the building takes 2 years, you really don"t know where the property market will be in 2 years time. It could grow or more unlikely it could tank.
  •  I think the best strategy would be to come to a figure of what it would be worth today – finished – and then apply an upper and lower variable to that to project to your estimated finish time. EG: $700k +/- 15%. Something like that.

So there you have it. Buying a do-er upper is fine if you know what you"re in for up front. Do your research. And don"t forget to book a Sydney House Inspection up front. You need to know about structural issues as well as if there are termites. Good Luck!

Here"s a great article to read on exactly this topic.

Oh…and by the way, i lived next door to that house in Newtown 2042 years ago. It was in much better condition then.


Jessica Post
Jessica Post
07:52 18 May 17
Wayne is very thorough and accommodated all my annoying questions like a champion! He was also able to complete the inspection quickly and provided his report in a timely manner. Highly recommend.
Kai Ikeuchi
Kai Ikeuchi
11:24 23 Mar 17
Wayne was very professional and assisted us quickly. We required an inspection with a turnover of 2 days. He was able to provide us with the relevant information so that my fiancé and I could make a better decision when bidding for our future house. Thanks to Wayne and Inner West Property Inspection, we were able to be confident with our decisions.
Genevieve McCabe
Genevieve McCabe
15:14 14 Feb 17
I just had my home inspected by Inner West Property Inspections this week and the peace of mind is worth every cent. I am buying an older inner west home and Wayne was skilled, patient and thorough. I highly recommend this service.
Karen L
Karen L
08:45 13 Feb 17
Wayne was punctual, polite, and neat and tidy. Very professional. He answered our questions and provided a great inspection report that we passed on to our solicitor. Would highly recommend him to anyone looking to have their future home inspected. Karen L, Ashfield
Gary Williams
Gary Williams
07:43 15 Feb 17
Inner West Property Inspections inspected a house I was looking to purchase in Marrickville. Wayne showed up on short notice as the auction was in 2 days. He provided a great, detailed report and called the next day to clarify something. Top level service and knowledge! Gary Williams, Marrickville
Andrew Gee
Andrew Gee
20:42 24 May 17
Wayne provides an excellent service. He explains any issues in terms that the clients can easily understand and offers real world advice on how to go about any repairs or rectification works required. The ultimate professional in his field, and a really nice bloke too!
Nasir Shah
Nasir Shah
11:46 21 May 17
Wayne was fantastic. Not only did he perform a very thorough inspection, but the turn around time was incredibly fast. He is an absolute professional, and offers a first class service!
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