Building inspections - to rescind or not?

[Of The Vultures]

I'm in the process of purchasing a property which is still within the timeframe where I can rescind the contract due to an unsatisfactory building/pest inspection. Just need some advice about whether the issues found might be enough to warrant not going through with it.

Property was advertised as fully renovated, which I could see from the photos that it wasn't but it was very neat. I suspect the photos are less than recent. Building inspection came back with a lot of minor maintenance issues and some "major", mainly to do with the front and rear wooden stairs (it's a highset 40-50 yr old house).

I'm not a builder, so not sure of costs/seriousness of some of these:
Treads - woodrot to joins/ends, some loose, fall hazard
Handrails - missing, fall hazard
Fixings - many rusted/missing
Decking timbers - some boards only span 2 joists.

Also two ceiling fans and a hot water tap don't work.

I've asked for a $2000 reduction (just under 1%) or just the fans/tap/handrails to be fixed before settlement. The rest I'll wear - unless someone here warns me I'm up for huge sums and should terminate immediately!

At this stage, if they don't agree, I'm terminating.

Cheers for any help on this.

 

[Pa1nter]

The stairs are very expensive to build with prices 10K and up are common,depends if it is a double entry.
A photo would get you a better price?

 

[Of The Vultures]

Yikes... $10k is much more than I was expecting...
Thanks for replying, I'll have to investigate this a bit more.

 

[DaveM]

I would suggest to replace the step treads, new handrails and fixings, replace some decking timbers (2 joists only is dangerous in case one nail comes loose, you have a see-saw and your foot can go through the deck) would be 3k'ish materials and labour.

 

[Terry_w]

Get a realistic figure on what it would cost to make all good and then reassess it.

 

[wylie]

Can you get a builder in to give a ballpark figure?

Perhaps the stairs need total replacement or might just need treads replaced etc. Knowing a ballpark figure gives you knowledge and then you can work out what you want to do.

 

[NBS]

It would be good to have some photos would then be able to provide better advise. What you have highlighted are not major issues and all can be fixed. I would not terminate just because of these issues.

Putting a price on fixing the issues raised is akin to how longs a peice of string need a lot more info.

What I would do is speak with the inspector and get his advise and possible rectification costs. Or get a carpenter / builder to give you a price ASAP.

If you can get a reduction of the repair cost plus a bit for unforseen variation in the repair of say 10% why not proceed with the purchase.

Of course any replacement works you do now will be a capital expense so depreciated over 40 years (I think thats the time frame ) assuming its an IP.

Do you sums and in the end your call.

Thanks
Brian

 

[Of The Vultures]

Thanks all for the replies, much appreciated. Will go down the "get quotes" route and go from there.

 

[Sheryn]

Where is the property and is there a link on realestate.com.au that you could put up for forumites to view?


Cheers
Sheryn