He found the ideal home in Kelston, near where he and his wife both work, and immediately set to work making it habitable for his family. "I had to do pretty much everything," he says. "I have done a bit of building work before but nothing on this scale."
Inspired by TV renovation shows and helped by several friends, Vinod worked through the house methodically- insulating, replacing walls, plastering and painting. He initially took a couple of weeks off to get as much of the renovation done as possible, before fitting in the rest of the project around his busy working day.
"I think I was just very determined to get it done," he says. There are still more jobs to be completed, including fixing the roof and painting the exterior, but he and his family have been able to move in and begin to enjoy the house, which he bought in December.
"It is a great feeling, knowing that this my house," he says. It also felt great when the family members who'd originally told him he'd taken on too much visited again and saw how the house had been transformed. "Then they said I had done the right thing."
Like Vinod, many of Auckland's first-home buyers aren't afraid to get their hands dirty. Nearly half (45 percent) of 1019 first home buyers questioned as part of a survey carried out by Barfoot & Thompson said they had renovated their first home, and 17 percent tackled the renovations on their own.
Three-quarters of the first-time buyers felt renovating their home had a positive impact on the selling price further down the track.
Before buying a do-up, it's a good idea to talk to real estate salespeople who know the area to see whether you are buying in the right place - remember that location is vital. You can drastically change the house but not the location.
They can help to find a suitable home and also provide recent sales data which will give you a feel for the value of homes in the area.
Local salespeople can also advise you on whether it is worth putting a lot of effort and money into renovating a rundown home- you don't want to over or under capitalise. When it comes to your renovations, they can also help you to think ahead to when you want to move on, and offer advice about what a future buyer may be looking for in a home. They can use their experience to suggest the changes that add the most value.
Important factors to consider when buying a do-up include whether there are any building restrictions and what types of work might need resource consent. A building report is always a good idea- it can uncover any issues with the home that will need fixing and might risk blowing the budget.
Working out how much you can afford is one of the most crucial parts of buying a house. Remember that there are lots of hidden costs, such as compliance costs, to take into consideration.
If you're tackling a major renovation with a view to selling your newly made-over home further down the track, here are some points real estate salespeople suggest keeping in mind:
• Open up living spaces. People like open plan layouts which can often be achieved by removing walls. (You need to make sure these are not load-bearing).
• Indoor/outdoor flow is another draw card. Adding bifolds or French doors that open out to the garden can add value as well as making it a nicer place to live.
• Make sure the kitchen is modern, smart and practical. Kitchens are often the heart of the home and old-fashioned ones can be off-putting.
• Also focus on bathrooms. Prospective buyers like these to be tidy and modern.
• Changing light fittings is an easy and fairly inexpensive way of updating a room.
• If budget permits, and there's scope to do it, add a bedroom or second bathroom (or en suite) to increase value.
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