Tips for buying a house that needs renovation - loans.com.au

Why build new buildings when there are vacant houses? And why renovate and high-priced houses can be restored themselves? When it comes to owning a home, many potential home buyers ask themselves whether they could tackle a renovation project . However, it is difficult to consider all of the factors in detail before buying a house. Nevertheless, we tried and clarified: What to look for when buying a house in need of renovation .

Attention With Low Purchase Prices

Even if the purchase price of houses in need of renovation is generally lower, the renovation costs can drive up the purchase price. Sellers usually know this and deduct the costs of a restoration from the potential market value of an object. However, in order to be sure and have a good basis for negotiations, it is advisable to make a cost forecast for the renovation. This is then subtracted from the future resale value – in addition, this difference should be increased by ten percent in order to have a financial buffer. With good pre-planning, buyers of houses in need of renovation can make realistic bids and don’t fall for obvious bargains.

The Location Is Also Crucial

A good area like Condo near Rama 3 (คอนโด พระราม 3 which is the term in Thai)  promotes a good feeling of living and is significantly more profitable when reselling . On the other hand, an unfavorable location could make you sell the house again in the near future instead of being happy on the spot. After all, an airport next door or the distant school can be very stressful in the long run. Neighborhood and infrastructure should therefore be examined as closely as the house itself.

Not Without An Expert

Optical flaws can often be easily identified and remedied – however, if there is structural damage, i.e. the building structure, pipes or the foundation are defective, the renovation costs can quickly rise to drastic heights. To be on the safe side, it is worth consulting an appraiser or real estate expert . This can professionally assess whether the renovation object is a realistic undertaking or a barrel without a bottom – and to what extent professional help is needed.

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