Hi everyone
Wondering how everyone is progressing with research assignment 2. Since I am interested in purchasing properties with renovation potential, I have been tackling this question as though I am seriously looking at purchasing and renovating (as I'm sure we all should be!).
I was in a property recently, taking photos of items I felt needed renovation and taking dimensions, to be asked by the REA not to take photos, and they appeared rather put out that I was taking some time investigating the property. They explained that they didn't like people taking photos as it was someone's private property (which I can appreciate).
How have you approached assignment 2, and how do you approach inspecting properties requiring renovation in general. Do you take photos and take these photos to tradesmen for a ball park figure? I am not sure if tradies would like to walk through an open house to provide quotes on the spot on the off chance that you will purchase the property and contract them to do the renos?!? Other ideas?
I would be interested in your approach where a property is highly competative (good price, tight market) and you you need to make the decision quickly. Do you guesstimate the renovation costs during the inspection to incorporate into your buying budget? Take photos and send to tradies for a closer approximation then make the offer?
As a general question, how do you find people to do your renovations - open the yellowpages and start calling? recommendations are always good if you live in the area where the renovations are occurring.
Dear Chris,
I am currently doing this modules assessment as well. I have only just started but I have taken plenty of photos of the properties. I check with the agent and tell them what its for - some of them I say its for an assignment and some of them I simply explain I wish to renovate. If there are tenants there I always ask them personally if I can take photos and explain they are only for my use for the purchase of the property and I won't take photos of anything personal eg Photographs etc. I recommend taking a partner in crime to a second inspection that your organise with the agent. You can them pull out your tape measure (which is much faster with two people) and gain lots of information without too many hassles. I had planned to get the dimensions for some properties then get along to kitchen connection, bunnings and the like and choose something that would suit the target market and get a general quote from this information. It is a fine line between learning something and producing your assignment and wasting the time of others, I know what you mean :) As I said I have not started the assessment just yet. It was merely my plan of attack. As for the tradies, just grab some recommendation off family and friends, if you have the dimension and an idea of the prices of the products you wish to use they can give you an idea of labour costs. Good luck :)
Many thanks Kathleen,
I like your ideas, I will continue inspecting properties armed with your suggestions!
Cheers
Chris
Thanks Kathleen - ill remember your post when I get to that assessment task.
Hi Chris,
You should be able to contact a Trade & ask for a square meterage cost of performing whatever the task is they specialise in. Then armed with this information, you will be able to attend open houses prepared to take measurements and the odd photo needed to supplement the REA photos. Detailed notes (there are apps that can aid this) will help but review them as soon as possible after visiting the open house (you'd be amazed how much you forget in a short period of time).
Having an idea of cost per square metre will enable you to quickly evaluate the potential of a house to fit with your investing strategy.
Hope this helps,
M