Hello Property Gurus,
Looking for opinions on the below scenario, preferably from anyone who has extended an existing dwelling before.
My PI strategy ATM is to add value through do-ups, own a place already worth 500k ish with about 240k equity in it, 30k revolving credit.
We are looking at a 1 bedroom 80sqm 50's batch on a 550sqm section freehold, would imagine buying as is, about 390k.
Big back yard, with good access and pretty flat. We were looking to add an extension off the back of the house with a hallway and 2 bedrooms off it. Probably 30-40sqm. No plumbing planned. Local agents and sale prices indicate the house would be worth somewhere in the early to mid 500s after this (including new bathroom, possibly maintenance on piles and paint interior/exterior on the existing house).
What do you recommend I find out before making an offer, or what conditions would you include on such an offer.
Any other warnings or advice for a rookie on the above scenario.
THANKS!!
Looking for opinions on the below scenario, preferably from anyone who has extended an existing dwelling before.
My PI strategy ATM is to add value through do-ups, own a place already worth 500k ish with about 240k equity in it, 30k revolving credit.
We are looking at a 1 bedroom 80sqm 50's batch on a 550sqm section freehold, would imagine buying as is, about 390k.
Big back yard, with good access and pretty flat. We were looking to add an extension off the back of the house with a hallway and 2 bedrooms off it. Probably 30-40sqm. No plumbing planned. Local agents and sale prices indicate the house would be worth somewhere in the early to mid 500s after this (including new bathroom, possibly maintenance on piles and paint interior/exterior on the existing house).
What do you recommend I find out before making an offer, or what conditions would you include on such an offer.
Any other warnings or advice for a rookie on the above scenario.
THANKS!!
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