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Avoid costly mistakes: Tips on property inspections and renovations
In this episode of the First Property Buyer Show, host Emilie Lauer sits down with Michael and Nicole Kowalczyk from Tailored Property Group to explore property inspections, building and pest reports, off-the-plan purchases, and renovation strategies for first-time and aspiring investors.
The Kowalczyks share their own journey, beginning with Michael’s first off-the-plan purchase at age 21, and highlight how early successes and setbacks shaped their approach to property investment.
They stress the importance of understanding the risks and benefits of off-the-plan purchases, including build quality, market fluctuations, and the need for thorough research on builders and contractors.
Do-it-yourself (DIY) renovations, while appealing, are discussed with caution, with the Kowalczyks advising first-time investors to know when to engage professional tradespeople to protect time, budget, and property value.
During property inspections, Michael outlines key areas to check – roof, foundation, termites, moisture, and asbestos – while Nicole emphasises the importance of moisture testing and due diligence to uncover hidden issues.
They highlight the necessity of engaging reputable building and pest inspectors, noting that many flagged issues can be rectified or leveraged during negotiations, depending on one’s risk tolerance.
Setting realistic renovation budgets and timelines, planning for contingencies, and selecting the right tradespeople are crucial steps for any property project, particularly when addressing electrical or plumbing work.
