Fire damage home but restored

[giraffez]

Is it bad to buy a property that had an accidental fire in one of the rooms? The accident happened over a decade ago and had since been restored however there is charring on the timber? If the building report comes back to say the timber is safe, should I think twice?

Accidents like this, is it mandatory for the agent to disclose during the sale process or is it up to the buyer to find out? Would there also be insurance implications, eg insurance voids coverage of the room in question or premiums will be higher?

Any experience on this would be much appreciated. Thanks

 

[Propertunity]

Is it bad to buy a property that had an accidental fire in one of the rooms?

No, not really. As long as the damage has been repaired and the cause of the fire eliminated.

The accident happened over a decade ago and had since been restored however there is charring on the timber?

10+ years ago - it is ancient history (like old termite damge that has been repaired)

If the building report comes back to say the timber is safe, should I think twice?

No, not in my opinion.

Accidents like this, is it mandatory for the agent to disclose during the sale process or is it up to the buyer to find out?

If the agent knows then he must disclose, if it is a material fact. It could be argued that old fire damage, now repaired is not a material fact. The agent can't disclose what he does not know or if the vendor has not told him.

Would there also be insurance implications, eg insurance voids coverage of the room in question or premiums will be higher?

No.

If you come to sell again at some time in the future, this will come up on the new purchaser's building report too. You need to be prepared for that and possibly use that to negotiate a lower purchase price now (if you can). Otherwise it is a non-issue.

 

[giraffez]

Thanks for that, that was really helpful.

So is it a fact that a property that has undergone fire damage and although repaired would sell with lower value?

As a vendor selling the property, do they need to disclose the fire to me? It makes sense that the agent can only disclose what he knows, but what obligations do the vendor have?

 

[Propertunity]

So is it a fact that a property that has undergone fire damage and although repaired would sell with lower value?

Only if it bothers the purchasers. Perception is reality.

As a vendor selling the property, do they need to disclose the fire to me?

Only of you ask the specific Q.

It makes sense that the agent can only disclose what he knows, but what obligations do the vendor have?

These days you have to declare a material fact. As I mentioned on an earlier post, there may be a case to say that a fully repaired, previously fire damaged house, is not really a material fact (as it is all fixed).

Best to do your own checks and forget what the agent or the vendor do or do not tell you, IMO.

 

[giraffez]

Only if it bothers the purchasers. Perception is reality.

Yes very true. Thanks, will have to wait for the report and hope its not too bad.

The decision is the hardest when there are defects (which there will be).

Thanks again