Update Nundah

[quoc]

Update on my purchase in nundah

So as thought the pest and building for a property in nundah came back way not flash

There are issues with the ceiling, leaking bathroom, pipe issues and some deteriorating wood.
The inspector has said he would not touch the house.
He says even $70000 wouldn't put a dent in the house

The house is on land 515sqm however does have a flood overlay
The house and land will cost me $480000 however land in nundah at 400 sqm can sell for up to $500000 without the house

My questions are:
I have signed the contract and am in cooling off period. Can I still use this B &P to negotiate with vendor or will they walk? any help on how I should approach this?

Also has anyone demolished a house and then had an existing house put on land or even just built from scratch. I feel the house is at a great price point yet has so many issues. The valuer will come back tomorrow with a figure of what he thinks the house is worth (from the bank)

What are the pitfalls with placing a new house on the land? Can the land underneath the house ever be more than the rotting house on the land?

Thanks in advance

 

[Propertunity]

The inspector has said he would not touch the house.
He says even $70000 wouldn't put a dent in the house

You paid an expert for an opinion - I'd suggest you take his advice.

I have signed the contract and am in cooling off period. Can I still use this B &P to negotiate with vendor

Yes, we regularly use a P&B to renegotiate (if we still want the property)

.....or will they walk?

They might walk, they might negotiate. You will never know until you ask.

any help on how I should approach this?

Run, do not walk, away from this one - it's a dud.

 

[kimba88]

You have an interesting situation there. I would definitely use the P & B to negotiate with the solicitors. If you really want the property and they threaten to walk, then tell them you'll take it as is if you are that desperate. I'm sure there are other properties at a decent price point around there still. What inspector did you use?

I just had a P & B done on a house in aspley that also came back not so flash. The inspector couldn't estimate how much it would cost to fix it all though, but would not say if i should buy it or not. I told my solicitor to cancel the contract, but now the RE agent has now come back to me saying "what if the owners fix it with their own money, rather than negotiating price?" (as it will cost me more to fix the place immediately after negotiating a price). What do i do? It seems the RE agent is a little desperate to keep my sale.

Mine has all this:
Plumbing
- galvanized pipes are corroding and leaking
- pipes are unsupported
- many damaged pipes
- drainage around and under the house is an issue

The pergola
- unsafe and needs to be removed as its rotting
- the concrete slab slopes back towards the house with no drainage - drains into the wall of the house only

Dampness
- damp underneath sub-floor - attracts pests

Doors
- Ill fitting and lounge room doors are sealed shut

Windows
- rusting
- winders no working
- louvers don't open
- all need replacing

External Bricks
- Splitting, quite a bit of movement - structural damage

Decay to floor in bathroom
- rotting
- not waterproofed?

Roofing
- needs repairs

Pests
- Ant caps corroded
- Could come back quite easily with poor drainage and plumbing conditions

Trees/plants around house
- Need to be removed around house due to possible cause of structural damage and poor ventilation underneath house

Kitchen and Bathroom
- Both need a reno to be sustainable.

Anyone got an idea on what sort of price this might add up to?

 

[Perp]

The house is on land 515sqm however does have a flood overlay

Is the existing house above the minimum habitable floor level (MHFL)?

If not, then the existing house cannot ever have any work requiring a BA - so no major renovations - and any new house would have to comply with the MHFL requirements, which may significantly impact on construction cost and thus devalue the land.