Thinking of Buying a Renovated Home?

Eriks Draiska
Published on May 6, 2016

Thinking of Buying a Renovated Home?

Home buyers often make the mistake of assuming that a recently renovated home is the same as a brand new property.

They see the newly renovated property as a problem free and ready to move in home.

Newly renovated homes often sell for top price, due to the buyer’s belief that the property is turnkey and ready to move in.

House renovating shows are very popular on TV and make the process of transforming a home seem quite easy.

However, TV shows do not stick around long enough to show how the home holds up after a buyer moves in, strong weather, and unavoidable wear and tear.

Property investors, renovators and contractors are often keen to move on to the next property as soon as possible.

While others can find hidden issues that require greater expense, resulting in them going over budget. Work on the home can often be rushed as a result.

If you are thinking of buying a renovated home, one that has been purchased by the seller within the last year, the tips below will help you avoid any distressing problems down the line.

Concentrate on the details

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While new bathrooms, kitchens, and appliances will draw your attention, try to look beyond at the quality of the workmanship. The details will reveal how well the work on the property has been completed.

The signs of rushed work include:

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Slanted or unevenly spaced bathroom tiles

Doors that do not close flush to the door frame

Gaps between the wall and countertops

Light switch plates that are slanted or not flush to the wall

Any cosmetic mistakes could be an indication of bigger problems that cannot be easily spotted by the untrained eye.

If the house renovator paid little attention to the details. Cover yourself and make sure to check the plumbing connections, the gas line to the water heater, and the electrical panel.

Lack of attention to detail can often times signal lack of attention to other more significant areas of your home.

Make sure you have a full inspection of the property

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Buyers often make the mistake of assuming a newly renovated property will be in brand new condition.

Don’t make the same mistake and be sure to get a quality inspection done.

A building inspector will be able to check the quality of the contractors work, and find any hidden issues that the buyer may not see.

Has the contractor completed the work thoroughly or tried to get away with the minimal amount due to the desire for a short turnaround on the property?

Have the renovations been completed in compliance with code?

The local area authority will have signed off on the renovations, but officials are strictly looking at issues concerning health and safety.

A home inspection will give a complete overview of whether the property is up to scratch.

Be diligent

Purchasers that are buying a renovated home should make sure to fully review the disclosures.

Were the correct permits taken out and signed off for the work that has been completed?

Make sure you receive copies of all work approvals and finalized permits.

All permits that are applied for and signed off should be a matter of public record.

Always ensure that all permits are cleared before settling on a property. As the new owner, you could be liable for any unsafe or illegal work.

Research the seller

Find out as much information as possible about the seller.

Are they an experienced contractor? Do they have a positive reputation in the community? Ask your real estate agent to help you find information relating to the seller.

Good contractors and investors have been re-selling properties for some time, and have an established reputation.

A property developer with a strong track record should be open and clear with disclosures, documentation, and even provide warranties.

A good home renovator is interested in maintaining their reputation as well as accumulating satisfied customers.

They don’t want complaints from buyers, legal issues, and a bad reputation.

The last few years have seen a significant increase in homes being purchased for the purpose of renovation followed by resale.

Improvements can be completed to a high standard, but there is a chance the contractor was over budget or short on time.

Properties that have renovations rushed can leave the new owner with plenty of problems.

These properties should be checked over top to bottom by a trained expert that knows what they are looking for.

Then you can make sure to get peace of mind as the new owner.

To find out more, you’re welcome to call 08 83961100 to arrange a chat with people that care.
Alternatively Book a Free Consult or Get Your Home Value Here.
Feel free to browse the rest of our Blog for more tips tricks and helpful info you can use.
Not sure of some of the terms & meanings used? Check our comprehensive Glossary and Abbreviations!

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Thanks for reading
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Whatever Topic or Suggestion you have… email us at [email protected] or  call 08 83961100. We’d love to hear about your ideas.
Regards Eriks & Team Plaza Real Estate 

Thank you, talk soon!
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