Renovation expert Cherie Barber has revealed the five golden rules to follow when buying a home – and how you can make sure you make a profit when you sell.
The TV expert and the brain behind Renovating for Profit said a disastrous purchase decision could take away any chance of winning.
& # 39; Let's face it, buying a home is one of the biggest investments you're going to make, so I'm always surprised when I hear about the spectacular purchasing blunders that some people make, & # 39; Cherie wrote to her blog.
She shared the five golden rules to ensure that you make a good purchase.
Renovation expert Cherie Barber has revealed the five golden rules to follow when buying a house – and how you can make sure you make a profit when you sell
Cherie (photo) said she still encounters people who do more research on buying a TV than they do on real estate worth hundreds of thousands of dollars
1. Perform every possible due diligence check
Although you may realize that due diligence is an important part of buying a home, Cherie said she still encounters people who do more research into buying a TV than a property worth hundreds of thousands of dollars.
& # 39; The biggest mistake you can make is to overpay for a property that you want to renovate, & # 39; she said.
When you do your homework, Cherie advises you to think about the most promising suburbs to buy in, a & # 39; good grasp & # 39; to have prices on that suburb and in fact to become a real estate expert within your chosen geographical area.
& # 39; The more thorough your research, the greater the chance that you will choose a winner, & # 39; she said.
Make a building report and then another report (see photo), because you don't want to leave your pocket later
2. Get multiple building reports
Complaining to building reports is a situation that Cherie sees all too regularly.
But she said you should never do this because you will pay later if a home is defective and you want to make a profit.
& # 39; You may feel like wasting money on unnecessary building inspections, but discovering that there is asbestos in the eaves, or termites that eat the foundations, or a rotting roof that needs to be replaced … that is information that will pay for itself in spades, & Cherie said.
Create a construction report and then another report to correspond with it.
Once you own a property, you will only inherit all problems.
3. Take the actual repair costs into account
After you've done your multiple building reports, Cherie said it's vital to know the actual costs of any repairs you need to make.
& # 39; For every smart investor, innovator or developer, it's all about accurately paying for the work that needs to be done and then finding out if there is enough profit in the deal to continue, & # 39; the expert explained.
If you have taken into account the fact that the roof or bathroom needs to be repaired and you know roughly how much it will cost, then you are prepared – and you will not be able to figure it out later when it is time to sell.
Once you know what needs to be renovated, you need to be confident that you can get them done – this is where planning laws come into effect
Sometimes these rules even change within the pockets of the suburbs, such as when there is a heritage bag with limitations
4. Ensure that you can carry out the renovations
Once you know what needs to be renovated, you must be confident that you can get them done.
This is where planning laws come into effect.
Cherie emphasized that these laws differ from state to state and from council to council.
Sometimes they even change within the pockets of the suburbs, such as when there is a heritage bag with limitations.
Check the planning laws and discover which renovations you can actually carry out.
& # 39; Googling or inactive chatting with people on the street can provide essential information that you don't get through the usual formal channels, & # 39; Cherie said
5. Go one step further
Last but not least, Cherie said it really pays to go the extra mile.
& # 39; Googling or inactive chatting with people on the street can provide essential information that you don't get through the usual formal channels, & # 39; Cherie said.
For example, they may have access to certain knowledge that you simply do not know.
She said that obtaining inside information can be the difference between a good purchase and a bad buy.
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