This house was the fifth home we made an offer on. We had made unsuccessful offers on two other homes. We went to two auctions and actually won one, but we did not meet the reserve, so we had to say goodbye to that too.
We knew from our previous experiences that moving quickly to secure the house was essential. Within days of listing, we had arranged with the vendor to conduct a pre-purchase inspection. As the house is over 50 years old, we enlisted the help of a trusted builder, experienced in working on houses of this type and era.
We were especially careful to inspect for rot, borer, old and existing plumbing leaks, moisture issues and asbestos. Once we established the property had good bones we put in an offer.
Admittedly, what we settled on isn’t much to look at! But that worked to our advantage. We had no trouble finding the vision, and the house wasn’t wildly popular in the condition it was in.
We based our offer on what we considered to be the value, using our knowledge of the area and what the maximum value of the home might be after the renovation was complete.
We secured the home shortly after.
There was a LOT of work to be done, but nothing that required significant structural changes. The orientation of the house was good, the layout was good, and the large detached office was a real bonus. It was soundly built, with big eaves, brick cladding, plumb walls and a level floor – and only limited cosmetic earthquake damage. The bathroom and toilet had had some work done, but it had been completed to a pretty poor standard, so wasn’t really a big plus, but better than nothing. Apart from that, the fireplace, and the flooring (which was well worn) it was more or less 1960’s original. It was exactly what we were looking for.
We totally beleived we could achieve the vision, though admittedly, we were feeling very nervous! – along with the excitement of undertaking such an extensive renovation.