IP buy, hesitating ...

Discussion in 'The Buying/Selling Process' started by cocka2, 19th Jan, 2012.

  1. cocka2

    cocka2 Member

    Joined:
    4th Jan, 2012
    Messages:
    18
    Location:
    Canberra, ACT
    Dear All,

    I am interested to buy a rental unit in ACT. The building is built 40 years ago. I asked for building inspection documents, the agent provided me with body corporate notes for the last 2 years.

    The unit is vacant at the moment. The unit floor is covered by carpet; but at some parts of the floor, it made noise like a timber floor being under it.

    I am thinking of this unit as an investment, but I feel less comfortable due to lack of documents, especially about the floor.

    I thought of asking from other unit owners within the same building whether they had any structural issues in the past few years.

    Any ideas how should I evaluate the property, I would like to make sure it is immediately rentable ? Should I ask for pest inspection ?

    What are the key things I should check before making sure the unit is rentable.

    Any tips are welcomed :)

    Thanks,
    PS - Property has a very good location and its price is reasonably low compared to similar ones in the vicinity
     
  2. mimimao

    mimimao Member

    Joined:
    2nd Jul, 2011
    Messages:
    21
    Location:
    Melbourne, VIC
    Normally a building and pest inspection should be able to do the job.

    I used the word "normally" because they are not always that reliable. I recently demolished a house and a bungalow for development. Original inspection prior to purchase told me there's only asbestos in the kitchen and the toilet. In the end when the asbestos removal people are on site they told me the whole freaking bungalow is covered in asbestos from roof to internal lining. I ended up with a $3000 bill in addition to the demolition cost.
     
  3. Rolf Latham

    Rolf Latham Member

    Joined:
    2nd Mar, 2001
    Messages:
    18,791
    Location:
    Confused = Sydney, Brisbane and Gold Coast
    well thats what happens when u ask Dracula to look after the Blood bank :)


    ta
    rolf