property reno update

Just to keep you updated: My husband and I are buying a reno in Ballarat, a real reno delight! I have attached a photo now so you all know the “Before” shots!

For all of you who know me, my husband and I, along with a partner who is a builder, have been looking at a renovator for some time. My husband fell in love with the ex mayors house (in the picture). We have been going through the process for some time. First there were issues the title. Then the way you sign up for contacts (in rural areas) is quite different. You sign something then wait, and wait and wait for the contract to come back for you to sign. As an agents representative working in Melbourne this is quite different. We actually do things, we sign a contract up and get back to the vendor as quickly as possible. This was quite foreign to me.

Then we applied for funds. Well we got in with ALL the first home buyers stampede. No offence to first home buyers but it caused a frenzy out there. But the banks in their wisdom for the “GFC< cut their staff at this time as well. We can ALL see why our banks make $$$.

Well we had issues with the bank we applied to for various reason but in the end the bank we went to said “NO!!” this house is NOT livable. Well it had not been lived in for 30 years, we KNEW that. We didn’t need to wait 6 weeks for you to tell us this. That’s why we thinks it s a good thing” No one else would touch it. This house had been on the market for over 2 years.

So NOW where to?

We also applied for loans against our homes to pay for the renovations. This funding took even longer! Well now it was ready:

It was meant to settle Friday. Well, it did not settle on Friday because the vendor left too much rubbish and we want them to remove it or pay to have it removed. They are claiming that it is part of the house. We did sign the contract for vacant possession and this is NOT vacant possession. Stay tuned for the next exciting installment!!

There was some late tooing and froing with the soilictors on Friday so we will see how it unfolds. I am not sure if you all know but the laws changed on Sept 27 last year and now both parties must put up a $5000 bond, settle on the property and sort out the cost later on. I am not sure why they did not go down this route but I will keep you all updated!

Christine Stow B.Sc. M.B.A.