All Forum Posts by: Dale Viljoen

Thank you both for the input you have put into my question, you have answered my original question as well as many others which I would not of thought/asked haven't you both brought it up. I appreciate the help a lot.

Hi Ryan, 

I really appreciate your reply, I was thinking I might be onto something that could make me some money as a flip. However, I have one question. At what point would I be able to get in professionals to quote? Could I just bring them with to the house viewing etc?

I completely forgot to say that the loan would be pre-approved, the reason I asked is due to reading a article that talked about a individual who got a pre-approved loan and when it came to the period were the buyer was required to carry out the relevant conditions of the sale she could not get her unconditional mortgage offer in time and it caused quite a issue.

So you say the best way to avoid this would be to ask the lender for their turnaround times for the approval process and then write the purchase contract to reflect that? Thank you for that help, as you might tell I am new to the whole mortgage/finance side of purchasing a house.

One more question if you do not mind. If, in the contract, you put "subject to finance" would that cover you in the above situation?

Currently I am learning real estate in terms of the purchase of the property and everything involved with it. I have currently read that most conditional periods sit at around 10 days from the day the signed offer (which I assume is when you put a offer in and the seller agrees on that price). What I want to know is, what happens if your loan provider (for what ever reason) says it will take 2 - 3 weeks to approve/disapprove the loan (which is longer then the 10 days agreed)?

This post may seem a bit confusing but I will explain what I mean. I am currently reading a book to learn more about the process of purchasing a property. In the current paragraph it says "The conditional period is usually 10 working days from the data the price has been agreed on.  Within this time frame you are required to carry out the relevant conditions of the sale (ie Builder's Report, Valuation Report, Finance etc)

Firstly, what conditions would I have to put to be able to carry out things like Builder's and Valuation Reports during the conditional period or will I be able to carry out those reports regardless of the conditions? 

I believe subject to satisfactory valuation and subject to finance will always be two clauses that I sign the contract with but I am not sure which condition would allow me to get a Builder's Report (this is if you do need a specific condition to carry out a Builder's Report). 

Hi @Hal Thompson, your "2 cents" is much appreciated here. Always good to hear all the different opinons. Thank you for the advice, it has helped a lot. Especially the scenario using A area and B area. 

However, I completely forgot to mention that this will be a flip. We will purchase it and then fix it up (whilst renting out the second bedroom) then sell it again. In this case, would the costs to change the floor be significantly less then the value it adds to the house?

Would it financially make sense to change those to tiles (raises the houses value more then the cost of installation and materials) or would it be better of leaving them?

All help is appreciated as always, I believe many more questions are to come :)

Thank you everyone for your input, I think we will focus mostly on the exterior as a lot of stuff (walls, garden, fences etc) need a bit of work and I think can make a huge change and for interior definitely new microwave, oven and dishwasher. Also I really like your advice @Michael King about TV brackets (never would of thought about this) and same color across all rentals.

So I am busy looking at a property in what I believe is a high capital growth area. Its garden and driveway is quite the mess and the exterior walls might need a paint as well but one thing I have not seen many people talk about is weather painting the interior walls a nice white color will increase the value more then the costs of the paint/labor?

All help is appreciated. 

Thank you for that. That is the reason I chose Hamilton, strong capital growth. In fact a house I was looking at 2 years up went up in value by a lot of money. Lastly, how would you try and figure out the rehab cost of this place? I know