Building and pest Report (needs further investigation)

[new2this]

Hey Guys,
Just got back a building and pest report, which says there is dampness in the bathroom walls with suspected leaking pipes which will require further investigation from a licensed plumber, Just wondering what my options are here, if i call a plumber to come and inspect it will be past my cooling off period, and if it requires a major reno i cant afford to have the property vacant (also im interstate so makes it harder) Is this grounds enough to lower my offer sufficiently enough to cover a bathroom reno, or can i pull out of the contract as id rather not deal with a reno so soon.
There was also a lot of cosmetic damage (to be expected) but seems the Fascias and gutters and external windows are in desperate need of a sand and paint.
Also suggested further investigation for termites required.
Overall the report was marked as typical for a house of this age.
What would you Savvy investors do?

Thanks guys

 

[Propagate]

Ask your solicitor to request an extension to the cool off period to allow you to get a plumber through?

You can then decide, based on what the plumber says, if you want to lower your price or take it as-is.

If the vendor won't budge, and you're not happy with the risk of carrying the cost of bathroom repairs, then rescind within cool off period an lose your 0.25%. depends on how happy you are with taking a risk that it's not something major.

You also have to look at it holistically, in that do you think you got a bargain? If you got it for a song and need to do a whole bathroom renno, will you still come out on top? If there was stacks f interest and you've already paid top whack, then a bathroom renno on top maybe too much? So many variables.

We just rescinded within cool off on a property based on the building report. It needed an old asbestos roof replacing and the vendors wouldn't move anywhere near enough on price for us to take it on, so we walked. Bummer to walk away from a 0.25% and the cost of the building inspection, but the cost in paying top money for a house that needed a new roof would have been far more.

 

[wylie]

I would think that sanding and painting required on gutters, fascias and windows is something you can see easily, and that should not be grounds for pulling out of a contract. I'd be surprised if you can get out of the purchase under the building inspection clause for something like that.

The possible leaking pipes issue is another matter, and if you don't want the expense or time to fix it, or arrange to have it fixed (especially considering you are not close by to the IP), then I would think that is grounds for using the building inspection clause to make up your mind to walk away or offer less.

Considering it could be quite costly (or not?) to remedy, you must make a call on this one. You could ask for a reduction and be prepared to move on if it is not accepted.

 

[Propagate]

wylie - not sure what state the op is in, but he mentions "cool off" period. In NSW I don't believe you need a reason to crash a contract within the cool off period. You do, however, lose your 0.25% deposit.

 

[wylie]

wylie - not sure what state the op is in, but he mentions "cool off" period. In NSW I don't believe you need a reason to crash a contract within the cool off period. You do, however, lose your 0.25% deposit.

I'm in Queensland. I'm thinking crashing a contract due to a crook B&P won't cost anything, but using the cooling off has a cost, but it is a while since I've purchased a property.