The one that never was

[drelly]

Last weekend, I went to see 2 properties that I found out about via the internet but that hadn't been advertised locally yet. It was a case of worst street, best area. Surrounded by new subdivisions, very expensive lifestyle blocks and in one of the best parts of town. On the surface, I thought I'd clear at least 80k after renovations easily.

Great potential with two sections side by side on a total of over 2000m2. The houses looked solid with need for major cosmetic repairs.

Then the building report came back...

- Damp meter reads off the scale in both bathrooms
- Piles removed and major engineering needed on one house
- Suspect garage on the other house
- Roofs on their last legs

And the LIM...

- Garage has no permits
- Both septic tanks have been noted by council as in need of repairs (which haven't been done)
- No town sewage means that subdivision is much harder and more expensive



I guess I've saved more than I've lost by not just jumping in feet first!

cheers,
Dave.

[BusyLizzy]

That just goes to show the important of doing your due diligence. An important reminder for everyone at how quickly a 'good deal' and very easily go belly up.

You'll be feeling very pleased with yourself about now, I would imagine!