Hi there,
I’m looking at getting same ideas on how one would handle this problem of mine.
Earyers in the year I purchased a property in Clontarf (OLD) via a BA as I spend a lot of my time overseas. (Purchased price: 350k)
Via the buyers agent, I did the usually check, i.e. builders, pest and all went well until I tried to rent it out
For a start it took 6 weeks to rent and so far I have spent:
$1500 on the electric on the house
$1500 replacement of air conditioner
$1200 for the handy man doing odd jobs
Now I have a flooding problem, all the surrounding properties are higher than me, and I receive all the run off, therefore, big flooding problems.
To fix it, 10K (received two quotes)
Mold in the bathroom, probable from the flooding
Handy man just told me the roof probable needs replacement in a couple of years 10k?
All the costs I see coming up, isn't going to add value to the property, for one the new drainage is going to require servicing each year (as recommended by the plumber, electric pumps), and then we have the cost of the roof.
Now keeping all emotions out, what should I do?
I can see I have two options
Sell and purchase another one or spend the money and keep it
Option 1
If I sell it and get what I paid for it, I would have lost 20-30k
(bank fees, Buyers Agents fees, all the repairs I have done, then selling fee)
Then the cost of purchasing another property, bank fees, Buyers agent…..
Option 2
Keep it and spend the money, over 2 years, 20K
Stephen
I’m looking at getting same ideas on how one would handle this problem of mine.
Earyers in the year I purchased a property in Clontarf (OLD) via a BA as I spend a lot of my time overseas. (Purchased price: 350k)
Via the buyers agent, I did the usually check, i.e. builders, pest and all went well until I tried to rent it out
For a start it took 6 weeks to rent and so far I have spent:
$1500 on the electric on the house
$1500 replacement of air conditioner
$1200 for the handy man doing odd jobs
Now I have a flooding problem, all the surrounding properties are higher than me, and I receive all the run off, therefore, big flooding problems.
To fix it, 10K (received two quotes)
Mold in the bathroom, probable from the flooding
Handy man just told me the roof probable needs replacement in a couple of years 10k?
All the costs I see coming up, isn't going to add value to the property, for one the new drainage is going to require servicing each year (as recommended by the plumber, electric pumps), and then we have the cost of the roof.
Now keeping all emotions out, what should I do?
I can see I have two options
Sell and purchase another one or spend the money and keep it
Option 1
If I sell it and get what I paid for it, I would have lost 20-30k
(bank fees, Buyers Agents fees, all the repairs I have done, then selling fee)
Then the cost of purchasing another property, bank fees, Buyers agent…..
Option 2
Keep it and spend the money, over 2 years, 20K
Stephen