Hi all,
I've had my offer accepted for a new IP for asking price (which I am very happy with) in an up and coming area that I believe has a lot of potential. The vendors are separated and there has been some delay in getting all the relevant forms together, so technically the cooling off period has not begun yet (but should only be a few days away at this stage).
My original plan was some basic renovation once the tenant's lease is up in September (painting, polishing floorboards, painting deck, some minor landscaping).
BUT - I have just received the building and pest inspection back and there seems to be a few things that required urgent attention:
Some other factors which may impact:
So my questions for you all are:
PLEASE HELP!
Cheers,
Erin
I've had my offer accepted for a new IP for asking price (which I am very happy with) in an up and coming area that I believe has a lot of potential. The vendors are separated and there has been some delay in getting all the relevant forms together, so technically the cooling off period has not begun yet (but should only be a few days away at this stage).
My original plan was some basic renovation once the tenant's lease is up in September (painting, polishing floorboards, painting deck, some minor landscaping).
BUT - I have just received the building and pest inspection back and there seems to be a few things that required urgent attention:
- The gutters are shot and need to be replaced
- There are some loose roof tiles that are letting some water into the roof, which need to be replaced and cleaned of moss
- The water damage has also caused some cracking in the brickwork
- and mold in the ceiling in the bathroom and one bedroom meaning that the ceiling panels will need to be replaced
Some other factors which may impact:
- The co-owners are seriously not speaking to each other and just want the property sold, so the agent thinks they would not be amicable to making repairs before settlement
- There are other offers on the table which means that my offer could be denied if I reduce it to make the repairs in favour of another offer that was made at asking or close to
- We are in the middle of the most ridiculous rainstorm at the moment which should last out the week and is only making the problem worse
So my questions for you all are:
- Are the issues fixable and has anyone bought a house needing these issues rectified before?
- Does anyone have an idea of how much these things would cost?
- Are they even fixable?
PLEASE HELP!
Cheers,
Erin