just a bit confused here, am looking at a prop in qld,
severely flood damaged, ive had a look at it
obtained the building report,
spoke to the inspector,
he was unable to get underneath the house except for a missing/loose brick which he peered into and said he could only see 1 stump and that was however, due to teh movement of the water, he would be surprised that if it wasnt strucutrally sound, since most of hte houses on the street would have strcually issues
my question is, what do people/buyers/valuers think when it comes to this,
my dilemma is that inside the house, its actually pretty flat, and dried out, the floors are fine (to me) how is anybody supposed to do a building inspection if they cannot get access to it,
I was contemplating picking this property up for a bargain, ie land value, ripping out the walls from where the water was, polishing, new kitchen, etc. etc. etc. etc.
how will the valuers see this when it comes time to value now or 5 years down the track?
I was thinking about sealing this one missing brick so nobody has access to it, and renovating and then renting it out, and once the market picks up, it will be a go-er for me,
have got quotes for insurnace, and 2 companies are very competitive at $2500, whilsr the others are $5k-$6k, taking this into consideration teh figures do stack up nicely
obviously I run the risk of renovating it and its strucutre getting worse,
I also do conisder the fact that its cheap, the market is down, and market sentinement for the suburb is at an all time low
my best case sceanrio is in year one it gets flooded again, and the insurance company builds me a new one on stilts,
most likely sceanrio is no floods, good yield, cash flow positive, a few years go by, values pick up, and Im a happy little vegimite
worst case scenario is in a couple of years, when its time to sell, the house gets worse and I have to pay $10k to get it restumped/relevelled which still makes the deal fine
anybody care to comment?
severely flood damaged, ive had a look at it
obtained the building report,
spoke to the inspector,
he was unable to get underneath the house except for a missing/loose brick which he peered into and said he could only see 1 stump and that was however, due to teh movement of the water, he would be surprised that if it wasnt strucutrally sound, since most of hte houses on the street would have strcually issues
my question is, what do people/buyers/valuers think when it comes to this,
my dilemma is that inside the house, its actually pretty flat, and dried out, the floors are fine (to me) how is anybody supposed to do a building inspection if they cannot get access to it,
I was contemplating picking this property up for a bargain, ie land value, ripping out the walls from where the water was, polishing, new kitchen, etc. etc. etc. etc.
how will the valuers see this when it comes time to value now or 5 years down the track?
I was thinking about sealing this one missing brick so nobody has access to it, and renovating and then renting it out, and once the market picks up, it will be a go-er for me,
have got quotes for insurnace, and 2 companies are very competitive at $2500, whilsr the others are $5k-$6k, taking this into consideration teh figures do stack up nicely
obviously I run the risk of renovating it and its strucutre getting worse,
I also do conisder the fact that its cheap, the market is down, and market sentinement for the suburb is at an all time low
my best case sceanrio is in year one it gets flooded again, and the insurance company builds me a new one on stilts,
most likely sceanrio is no floods, good yield, cash flow positive, a few years go by, values pick up, and Im a happy little vegimite
worst case scenario is in a couple of years, when its time to sell, the house gets worse and I have to pay $10k to get it restumped/relevelled which still makes the deal fine
anybody care to comment?
