With property prices still on the rise in Sydney, many dilapidated homes have been selling for high prices, even though they’re currently unliveable.
Because buyers are mostly looking at the location, they’re often not caring about the condition of the property, planning on completely renovating anyway.
A run-down, Victorian home in Paddington sold this month for $1.7 million, with no paint job, repairs, decorating, or any of the usual things done to spruce up a home for sale.
The paint on the walls was peeling, plenty of holes revealed just how rotten the floorboards were, the garden was overgrown and you could even see signs of fire damage.
The dilapidated Sydney home was purchased by a pair of renovators with plans to restore the home, but not all home buyers have their level of building experience.
Another Victorian terrace in Redfern also sold in the millions this month, complete with chipped walls, toilets that don’t work, and rotten timber windows.
This Sydney home was purchased by a proxy-bidder for a couple that haven’t even seen the property for themselves.
While it’s all well and good that many of these buyers are intending on renovating these homes anyway, it is still important to get the home checked by a building and pest inspector.
Whether it’s a matter of rot, termite activity, wear and tear, or even fire damage, sometimes an old home can cost more than you paid for it to repair, or may not even be repairable at all.
A building and pest inspection can give you some insight as to what restoration works are necessary to make the home liveable, which is an essential insight if you intend to live in the home.
You may have budgeted for a complete renovation before moving in, but if the roof needs to be replaced and this uses up your renovation budget, you’re either moving into a dilapidated home (with a new roof) or having to borrow more than you expected from the bank.
If you’re in the market for a home or terrace in Sydney, make sure you talk to us about a building and pest inspection before you commit, even if you are willing to renovate.
It will give you the peace of mind that you know what’s in store, so you know what you’re paying for.