IP buy, hesitating ...

[cocka2]

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

 

[mimimao]

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.

 

[Rolf Latham]

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.

well thats what happens when u ask Dracula to look after the Blood bank


ta
rolf