I have the opportunity to put an offer in on a property not yet listed in a complex that I have been very interested in for some time. Villas are a mix of 2 bed or 2 bed and study (3rd bed conversion possible) and sell for between $300-$350K generally - the upper end are usually nicely renovated, lower end are average but good condition.
The one I'm looking at is 2 bed and study but in terrible condition - needs new floor coverings, paint, window coverings, some garden work, etc....kitchen and bathroom are ok at first look. Not sure about light fittings etc...has aircon but may not work, a few doors are broken and need replacing too - it hasn't been looked after at all and I think there will likely be a lot of little jobs pop up too as a result.
Biggest problem is that it clearly has termite damage - unsure if currently active or not at this stage but they have obviously eaten around one doorframe, who knows where they got in or how far the damage goes! And I'm not sure how good/reliable a building/pest inspection actually is....I have had one done at my own place looking for termites that got the all clear and we accidentally found them ourselves the very next day - still active and with a fair amount of damage!
I am no tradie, I can paint but that's about it so would have to get people in to do the rest. Have never reno'd a place before so have no real idea of cost of floor coverings or whether to do a cheap job or a decent job if it is for an investment (buy/hold rather than flip, although that may be an option if I can get it for a good price). I am seriously considering putting in an offer on this one though (I have been told ?? 275K), subject to how bad the building/pest comes back....if I can get it for the right price , it might be a good 'practice' run for reno - worse case it costs the same as a unit that is already done up I guess, but may do better than that.... interested to hear the thoughts of those of you who reno / have experience with termite damage/repairs - would you consider it, any advice, how low would you offer?
The one I'm looking at is 2 bed and study but in terrible condition - needs new floor coverings, paint, window coverings, some garden work, etc....kitchen and bathroom are ok at first look. Not sure about light fittings etc...has aircon but may not work, a few doors are broken and need replacing too - it hasn't been looked after at all and I think there will likely be a lot of little jobs pop up too as a result.
Biggest problem is that it clearly has termite damage - unsure if currently active or not at this stage but they have obviously eaten around one doorframe, who knows where they got in or how far the damage goes! And I'm not sure how good/reliable a building/pest inspection actually is....I have had one done at my own place looking for termites that got the all clear and we accidentally found them ourselves the very next day - still active and with a fair amount of damage!
I am no tradie, I can paint but that's about it so would have to get people in to do the rest. Have never reno'd a place before so have no real idea of cost of floor coverings or whether to do a cheap job or a decent job if it is for an investment (buy/hold rather than flip, although that may be an option if I can get it for a good price). I am seriously considering putting in an offer on this one though (I have been told ?? 275K), subject to how bad the building/pest comes back....if I can get it for the right price , it might be a good 'practice' run for reno - worse case it costs the same as a unit that is already done up I guess, but may do better than that.... interested to hear the thoughts of those of you who reno / have experience with termite damage/repairs - would you consider it, any advice, how low would you offer?