From: Owen .
I'm just finishing a cosmetic renovation on an apartment a-la Michael Croft/Geoff Doidge/Peter Spann with the intention of selling it.
I've just called my conveyancer to organise a contract and he asked if I had spent more than $4000 on the reno and done the work myself. If I had then I need to take out Home Builders Warranty Insurance and provide proof of the policy to the buyer so they are covered for the next 7 years.
Has anyone heard of this before? What if I haven't made any structural changes? Does a new kitchen or bathroom constitute structural changes? What if a builder does the work? Does the liability change to him or stay with the owner?
I have spent more than $4000 but have not made any structural changes to the property (it is an apartment after all) just paint, carpet, benchtops etc. so I wouldn't think I would need it but this is a big issue for buy/renovate/sell deals.
I haven't searched elsewhere for an answer either but I thought I would ask you lot first. Any comments?
Owen
"Gambling promises the poor what property performs for the rich – something for nothing"
I'm just finishing a cosmetic renovation on an apartment a-la Michael Croft/Geoff Doidge/Peter Spann with the intention of selling it.
I've just called my conveyancer to organise a contract and he asked if I had spent more than $4000 on the reno and done the work myself. If I had then I need to take out Home Builders Warranty Insurance and provide proof of the policy to the buyer so they are covered for the next 7 years.
Has anyone heard of this before? What if I haven't made any structural changes? Does a new kitchen or bathroom constitute structural changes? What if a builder does the work? Does the liability change to him or stay with the owner?
I have spent more than $4000 but have not made any structural changes to the property (it is an apartment after all) just paint, carpet, benchtops etc. so I wouldn't think I would need it but this is a big issue for buy/renovate/sell deals.
I haven't searched elsewhere for an answer either but I thought I would ask you lot first. Any comments?
Owen
"Gambling promises the poor what property performs for the rich – something for nothing"
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