Hi Everyone,
My brother in law recently had an offer accepted for a 2 bedroom 1 bathroom apartment in Carnegie Victoria through a private sale ($409,000). With the current state of the market in Melbourne it is difficult to get a seller who is not willing to go to auction. SO they were quite happy when their offer was accepted (personally I think they paid $9000 over the what they should have A ground floor apartment (not renovated) in the same building went for $380,000.
So the apartment is on the top floor with good views and has been renovated. The building is old 1978 build i believe. The building is quite small just 8 units in total. Most of the apartments are occupied by their owners except for 2 (One is rented out and the other *here's the thing* is either rented out to or is leased by the department of housing.
The flat in question is located on the ground floor, has poorly kept curtains and there is a dank stale cigarette smell when passing it.
My brother in law did not know about this flat and only after enquiring about the poor conditions to the body corp was told the truth. However They did mention that they were trying to get rid of the people in the apartment or ensure it was not leased by the department of housing - *Not sure have to clarify this*.
He has the option to pull out of the deal and it will cost him $880, What does everyone think? tick with it or pull out? Is this a poor investment in the long run?
My brother in law recently had an offer accepted for a 2 bedroom 1 bathroom apartment in Carnegie Victoria through a private sale ($409,000). With the current state of the market in Melbourne it is difficult to get a seller who is not willing to go to auction. SO they were quite happy when their offer was accepted (personally I think they paid $9000 over the what they should have A ground floor apartment (not renovated) in the same building went for $380,000.
So the apartment is on the top floor with good views and has been renovated. The building is old 1978 build i believe. The building is quite small just 8 units in total. Most of the apartments are occupied by their owners except for 2 (One is rented out and the other *here's the thing* is either rented out to or is leased by the department of housing.
The flat in question is located on the ground floor, has poorly kept curtains and there is a dank stale cigarette smell when passing it.
My brother in law did not know about this flat and only after enquiring about the poor conditions to the body corp was told the truth. However They did mention that they were trying to get rid of the people in the apartment or ensure it was not leased by the department of housing - *Not sure have to clarify this*.
He has the option to pull out of the deal and it will cost him $880, What does everyone think? tick with it or pull out? Is this a poor investment in the long run?
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