Restoration

Press, 10 July 1979, Page 16

Restoration

When a prospective buyer of an old house finds it advisable to budget for expenditure on repairs or modernisation he should seek competent advice on what should be done and secure estimates of the cost.

You should expect an old house to show some signs of its age. Many are remnants of the old kauri days and it is often worth spending substantial sums if the buying price is right. Some of those in high density residential areas have been purchased by

developers when sizes of sections have been suitable for the erection of blocks of flats, home units or town houses. Other houses which remain on the market in older areas are subdivided, if satisfactory for the purpose, or may be bought by people in search of homes for themselves. Most people like to approach negotiations with a view to obtaining value for money, especially when the prospective buyer wishes to make certain of the condition of the house before estimating how much will be required as a financial outlay after purchase. People with a building background, or even amateur handymen, may be satisfied with the results of their own inspections but others, without ade-

quate knowledge, may feel it desirable to take alternative steps to ascertain the facts they require. In such cases inspection by a registered valuer may be considered. Do not depend upon securing your information from a valuation inspection sought by the possible mortgagee. In such an event the valuer is engaged by the lender for the purpose of reporting to his principal on whether there is sufficient security for advancing a loan.’ The knowledge that the property is in good enough condition to provide security for a loan may be comforting but it does not tell the many other facts you may wish to know.

Therefore the prospective buyer should hire a valuer of his own and ask him to report in writing on every aspect of the proposed purchase —■ value as a buying proposition, condition of the building from blocks to roofing, from plumbing to electrical installations and on any other aspect which may apply to the property under review.

You will probably want to know particularly about the soundness ,of the timber throughout, whether the roof will need renewing or whether the building should be repainted. The blocks should be . inspected, even if they are of concrete; are they on sound foundations?

If you wish to engage a valuer to satisfy yourself before making a purchase the real estate agent with whom you are in contact should 'be able to suggest a suitable registered man who specialises in residential property.