Most people don't do much diligence when buying a house. Put it up for auction in a hot market in 5 years time and the floods will be a distant memory
Brisbane. Not that it needs much more hyping ... But
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Most people don't do much diligence when buying a house. Put it up for auction in a hot market in 5 years time and the floods will be a distant memory
I helped a person who has a property just up the road from that house after the 2011 Brisbane floods,she is a mate of my wife and the internal is very similar to that listed property,by the looks the place is rewired,and from memory the insurance the Lady had did not pay anything and being a Dentist husband passed away from cancer about six months prior too the 2011 floods she had no building skills,being a high wage earner she also was given zero by the then Labor Government,,i know for a fact the Lady spent over 130k to refit the property,plus Suncorp reinsured the property for about 3k so what you see is land value only..imho..
So are tou saying that if you can fix it for 130k it's a bargain?
I don't even know how people would do their due diligence! I looked up the official Brisbane City flood maps, which consists of:
1) Projected flood zone / drainage, and;
2) Actual flood zone (both the '74 and '11 floods)
And they were BOTH so wildly wrong I didn't even know what to think. I saw areas that I knew for a fact didn't come within miles of flooding. After that I was confused about what to consult in the future...
I checked the councils 'official flood map' also, on IP I was purchasing, not in flood zone. Rang insurance co. Had massive premium due to flood zone. Questioned it and was told 'we have spent millions on our own in depth maps which are far more accurate and you are in a flood zone' ???? The house is on a hill with any run off to the road.....and it isn't made of straw!
I checked the councils 'official flood map' also, on IP I was purchasing, not in flood zone. Rang insurance co. Had massive premium due to flood zone. Questioned it and was told 'we have spent millions on our own in depth maps which are far more accurate and you are in a flood zone' ???? The house is on a hill with any run off to the road.....and it isn't made of straw!
Exactly. I'm lucky cause I lived there for a while and know the areas, but I think others might find it very hard. Very weird...
But ringing the insurance co, that's a pretty good idea.
Post 1974, there were no flood maps other than buried deep inside City Hall. Now there is the Internet, so people will be more flood conscious than they were when buying pre 2011.
My Wifes mate told us last night it has been like that from after the floods,very hard to say unless one was to walk the street and spend a hour looking at the property,plus the high end houses$$$$ old money super large blocks some above 1000sqms plus are on the other side of Honour-Ave towards the Brisbane River and flood free,the listed property is on the lower area..imho..
I had 2 properties in Rocklea like the internal on that property that were flooded above the roofline IN 2011 insurance paid zero,one I flattened the other I spent over 550 hours rebuilding and only three people know how much I spent on materials the Accountant,-"My-Wife",and the ATO,but as our accountant told me some investors he looks after spend that money on the kitchen compared with the total material costs we spent to rebuild the rocklea property..imho..
I think to get the best return (being in a blue chip suburb) the quality and specs need to be high end.. For a non-tradie I don't think there would be much change from $200k and that's without raising it.
If a chippy were to do it, utilising his skills, tools, and buying materials at trade rates, then the cost would be a lot lower.. It would be a good job for Kyal and Kara
If a chippy were to do it, utilising his skills, tools, and buying materials at trade rates, then the cost would be a lot lower.. It would be a good job for Kyal and Kara
I would think any prudent buyer whether in hot or cold market, would do this part of research.
a quick google map look at the property indicate close to the river and green open/drainage space, would spark any purchaser to perform further research.
a flood prone is a permanent scare, even you build higher, that blue marking will always be on the map, and insurance and future buyer will reflect this.
I think to get the best return (being in a blue chip suburb) the quality and specs need to be high end.. For a non-tradie I don't think there would be much change from $200k and that's without raising it.
If a chippy were to do it, utilising his skills, tools, and buying materials at trade rates, then the cost would be a lot lower.. It would be a good job for Kyal and Kara
I was told a few hours ago in that lower part of the street something like this would sell for mid 500ks as I was walking through the top level of the house,looking up at the roof as there is no wall plumbing elec,s ect,small creek 150mts down the road,in some ways it would be better to level the place and start again only my opinion
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The expressions of interest/request for contract,have to be in by late this afternoon as the RE told there is a court order to sell the property,and the RE has over 23 expressions of interest,request for contract,,all have to be in cash,no subject to finance-no in-betweens,maybe the next in line may make money but why would you jump in the ring when 23 others are already in there fighting for the same item..imho..
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i would assume that rents in the flood prone areas will eventually rise slightly to cover the cost of insurance increase. If that havent already.
