Posted on 27 July, 2015
Over the last 18 months we had put in 12 offers on properties and while we had been really close a couple of times , we still hadn’t managed to secure a property. So I thought it was time for action, I would look for open tenders or properties that had a fixed price. Yea right! we all know those come along each week in Wellington. Open tenders it was! Matt, who looks at TradeMe every day, saw a property he thought I would like. I rushed to the phone and arranged a viewing for the next day. It was 2 large bedrooms with a study or 3rd (very small) bedroom, new kitchen and bathroom and the basement had potential. It had been turned into 2 bedrooms with internal access in the 60s but did show signs of water damage. This had been fixed according to the owner and she would supply invoices totaling $25K supporting this. Alarm bells should be ringing at this stage but it didn’t smell or feel damp. The LIM had been ordered so I made an offer with that being the only condition. I arranged to meet with my builder the day after we went unconditional and this is where the drama started.
You're probably thinking, "Why on earth didn’t she get the builder in before going unconditional?" You're right I should have but I didn't. This wasn't the end of all the drama! I asked my very patient husband to arrange the insurance and he rang me with a list of questions. He had a 14 page questionnaire to complete and we needed an electrical certificate. We arranged access for our electrician and he advised us that while the property had been partially rewired we needed to get the rest of the house rewired before he could issue a certificate because the rest of the remaining wiring was original 1920’s and was no longer to code. We have now had this work completed but he had to cut holes in walls and ceilings and the property had to be prepped and painted once the rewire was completed to get the house back to a livable standard. So here is the moral of this story.
There is an upside to this, with rewiring the property it is now safe for the tenants, the property looks fantastic with the new paint job and lastly we have secured good tenants for a very good rent for the next 6months. We have locked the basement off from the rest of the house and will make it water tight and have 6 months to make sure that it works.
Happy hunting and if you need a rental appraisal please give me a ring - Sue