Hi all,
We went in quite blind with our first investment and I fear we are paying for not having done our due diligence properly and would love some advice.
It is a ground floor 2x1 updated unit (one of six) in a 1960s complex in Brunswick West. We paid $320,000 for it 2 years ago and it is renting for 350 a week.
About 6 months after purchasing we realised it had some serious dampness issues. The boards keep lifting and warping and we had to clean and repaint the walls after 12 months as black mold was starting to appear. We have since replaced the boards and it is starting to happen again.
We have advised the body corporate and an engineer has advised that the front of the building (where our apartment is located) is actually below ground level and needs to be dug out and re-concreted. The body corporate is asking for quotes and then the owners have to approve the work.
What should we do? Should we get out now and look at a newer property with less issues or ride it out?
Thanks
Cadence
We went in quite blind with our first investment and I fear we are paying for not having done our due diligence properly and would love some advice.
It is a ground floor 2x1 updated unit (one of six) in a 1960s complex in Brunswick West. We paid $320,000 for it 2 years ago and it is renting for 350 a week.
About 6 months after purchasing we realised it had some serious dampness issues. The boards keep lifting and warping and we had to clean and repaint the walls after 12 months as black mold was starting to appear. We have since replaced the boards and it is starting to happen again.
We have advised the body corporate and an engineer has advised that the front of the building (where our apartment is located) is actually below ground level and needs to be dug out and re-concreted. The body corporate is asking for quotes and then the owners have to approve the work.
What should we do? Should we get out now and look at a newer property with less issues or ride it out?
Thanks
Cadence