“Potential” can mean many things in houses for sale. That can mean “potential” to create the perfect home, or “potential” to add value and climb the property ladder. It could mean “potential” as a suburb gentrifies or the local school goes up in desirability.
It could also mean “potential” to earn an income from a “home and income” property that comes with a legal flat, a self-contained guest suite or room in the home that can be let to flatmates, boarders, international students or Airbnb guests. Sometimes the potential isn’t always obvious. You may even need a good surveyor or architect to really identify the potential. Write down what you’re looking for to create a shopping list. Then set up a saved search that isn’t too specific. Doing the numbers The dream and reality of potential are two different things. Do-ups can be money pits so you need to do the numbers. What will it cost to buy, how much will the work cost and how much you can realistically sell for afterwards if it’s a quick flick. It’s a good idea to become a spreadsheet ninja and/or get professional input from architects, surveyors, quantity surveyors and others. The more time you do planning the less trouble and cost you’ll encounter. Do-ups Do-ups are as Kiwi as paua and pav. Many young couples jump a couple of rungs on the property ladder thanks to putting in blood, sweat, tears and money to turn around a rough diamond into home magazine tucker. Property investors and traders have taken the do-up to the next level. They know that a clever renovation will a: allow them to have the property revalued and release capital for their next purchase, b: command more rent increasing their yield on a rental property, and c: ultimately result in capital gain. Traders are looking for quick flips and/or cheap improvements that pay handsome dividends. They look for: • Sections that can be subdivided • Walls that can be moved added to increase the number of bedrooms. • Easily added en-suites. One bathroom just doesn’t cut it these days for many buyers. • Kitchens and laundries that can be converted to bedrooms. . • Basement conversions. Worst house in the best street and school zones If it’s an owner occupied property you’re looking for, the potential may be in buying the worst house in the best street or school zone. If you can get your children into a good school then it could be well worthwhile spending time and money on doing a less than desirable home up. Watch the markets Do your homework and know your market so you can spot bargains. Whatever you do keep a beady eye on properties for sale as they’re listed. One buyer’s problem can be another buyer’s potential. So look long and hard at properties that don’t sell instantly. If you can solve the problem that turns others off buying, you might be able to buy cheaply. – One Roof
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Moving house doesn’t have to be stressful. We have compiled the ultimate moving guide for you featuring the best moving tips to successfully move house. To download the below checklist click here.
Remember to cancel: ☐ Newspaper and/or milk delivery. ☐ Telephone, internet and cable TV. ☐ Gas, water and electricity (arrange a final meter reading). Organise for moving day: ☐ Obtain supply of boxes (the supermarket can be one supplier). ☐ Get packaging tape and heavy marker pens. ☐ Arrange for furniture removal (get quote, confirm time). ☐ Arrange care of your children on moving day. ☐ Make suitable arrangements for any pets. ☐ Arrange transit insurance and contents and fire insurance for your new home. ☐ Organise shifting times with the purchaser of your old property and the previous owner of your new one. Notify your change of address to: ☐ Bank, credit card and charge card companies. ☐ Post office for redirection of mail. ☐ Elections Registrar. ☐ Registrar of motor vehicles and drivers license. ☐ Tax department. ☐ Insurance companies. ☐ Hire purchase or finance companies. ☐ Investment companies. ☐ Local council. ☐ Clubs and organisations. ☐ Police (if you own and store firearms). ☐ Friends and relatives. ☐ Magazine subscriptions. ☐ Doctor, dentist, accountant, lawyer. Don’t forget: ☐ Clean the stove and defrost the fridge/freezer. ☐ Tidy the yard. ☐ Ensure that the chattels that have been sold with the property are not accidentally packed. ☐ Disconnect all appliances. ☐ Disconnect the TV aerial. ☐ Return any borrowed items. ☐ Throw out items that you don’t intend taking with you. ☐ List valuable items for special care when moving. ☐ Advise removal company of dangerous goods being moved (i.e. ammunition, petrol, spirits, chemicals). ☐ Securely pack all jewellery, money, special documents and papers (i.e. legal, tax, insurance etc). ☐ Set aside items you will need on the day of the move so you can take them with you (i.e. food, drinks, cleaning products). ☐ Pack each room leaving the boxes stacked and labelled with the room they are to be moved to. It is a good idea to write on each box a list of its general content. ☐ Clearly label boxes containing breakables as ‘Fragile’ and identify these items to the removal people. ☐ Pot and pack away plants and cuttings you are taking with you. ☐ Explain your packing procedure to the removal people and be at your new home when they arrive. Do not: ☐ Put breakables or liquid filled containers in drawers. ☐ Overload drawers and make furniture too heavy to shift (too much weight can damage furniture). ☐ Move netting, barbed wire, timber, wood, coal etc without special arrangements being made. ☐ Store perishable goods where they might be overlooked. Make arrangements to: ☐ See your solicitor to sign transfer documents/mortgage discharge documents. ☐ Enrol children in new school. ☐ Coordinate the forwarding of any files from the children’s previous school to their new one. Organise for your new home: ☐ Newspaper delivery. ☐ Telephone. ☐ Internet and cable TV connection. ☐ Gas, electricity and water. The week before moving: ☐ Remind and confirm dates/times/locations for furniture removal company. ☐ Confirm moving in/moving out details and key exchange with your Harcourts consultant. ☐ Say goodbye to neighbours. One last check: ☐ Nothing left behind? ☐ No clothes at the dry cleaners? ☐ No gear stored away from your property? ☐ Electricity, gas and telephone disconnected? ☐ Water turned off and no taps left running? ☐ Windows and doors latched? ☐ Keys with solicitor (if appropriate)? After it’s all over: ☐ Have spare keys cut. ☐ Make an insurance claim if any damage has occurred during the move. ☐ Teach children how to get to their new school. Enjoy your new home and keep in touch. We’d love to hear how you’re going. |
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