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4 things to consider when buying to renovate

26 Jul 13

So you've been eyeing that old run-down property that nobody else wants. You feel that with a few magic touches, you can spruce it up and turn it into your dream home.

Renovating an old property can bring a wonderful sense of achievement. Apart from the fact that you get to add your own personal touches to an otherwise neglected building, you get to see the fruits of your labour as you manage what can be an intricate and challenging project.

However, there are several things to consider before reaching for your ladder and cans of paint.

Here are some key real estate tips to consider:

1. Get an inspection

It is absolutely critical that you get a qualified, reliable inspector to provide a report of the building you have set your eyes on.

While pre-purchase reports are expensive - they can cost up to $500, according to The Daily Telegraph - they offer a sense of security and will provide a comprehensive analysis of any faults the building might be hiding.

2. Check for asbestos

While asbestos has been banned in South Australia for some time, if the house is really old, you will definitely want to conduct a thorough search - approximately one third of all houses in Australia contain asbestos, according to Master Builders Australia.

This is because some inspection reports will not cover asbestos, due to the difficulty of accessing it. You will want to hire a professional who can locate and remove any asbestos.

3. Get a permit

Take the time to find out which permits, approvals and licenses you will need, because any renovation work will require at least one.

Not only is this a legal requirement, it will make things a whole lot easier when you sell your home in future, according to Your Investment Property.

4. Think long-term

Your Investment Property advises taking a long term-approach to your project, and to start with a master plan.

This will also involve keeping re-sale in mind, as your personal tastes might not align with the majority of other home buyers.