The owner recently found out there was no code of compliance on the house. It’s a big, 90’s house with monolithic cladding. But, it’s in a very popular suburb of Wellington. One that I’ve always wanted to buy in, but could never afford to, but now this opportunity has popped up. I’ve lived in the house for over a year as a tenant.
Some people recoil in horror when I say I’m considering buying both a ‘leaky home’ and one that doesn’t have a code of compliance. The council have been round, and say the whole house needs recladding, and new windows, balcony removal etc...
I’m struggling to find out how much this house is actually worth, as the quote we have received for all work is $180,000. That’s if nothing goes wrong though. Does that seem reasonable? However, if we remove the cladding and find a nightmare underneath, then we really are screwed. I suppose If we go for it, it will be a calculated risk. I’m just trying to minimise that risk as much as possible.
Having said that, having lived in the house for a year and a half, there haven’t been any visible signs of leaks or excessive moisture. I know this isn’t enough evidence alone to take such a big risk, so I wanted to put the situation on the forum, and hopefully get some advice on whether or not it’s worth attempting. Obviously if the price is right, but I really am struggling to find out how much these kinds of issues devalue a property such as this.
There has been a builders report, moisture testing with a camera/probes (but not on the end of the house where they actually think the moisture could be an issue - they said access with limited).
What other investigative steps would you take before potentially making an offer? Would you run a mile? What other questions would you be asking that The builders report might not answer?
Owner is looking for 500K. The plot of land it’s on is probably worth around 350,000, looking at other plots in the surrounding suburbs. As for the house, I can’t seem to make an informed guess as to how much it’s worth.
Any advice / pointers / “run a mile” stories much appreciated. Thank you.
Some people recoil in horror when I say I’m considering buying both a ‘leaky home’ and one that doesn’t have a code of compliance. The council have been round, and say the whole house needs recladding, and new windows, balcony removal etc...
I’m struggling to find out how much this house is actually worth, as the quote we have received for all work is $180,000. That’s if nothing goes wrong though. Does that seem reasonable? However, if we remove the cladding and find a nightmare underneath, then we really are screwed. I suppose If we go for it, it will be a calculated risk. I’m just trying to minimise that risk as much as possible.
Having said that, having lived in the house for a year and a half, there haven’t been any visible signs of leaks or excessive moisture. I know this isn’t enough evidence alone to take such a big risk, so I wanted to put the situation on the forum, and hopefully get some advice on whether or not it’s worth attempting. Obviously if the price is right, but I really am struggling to find out how much these kinds of issues devalue a property such as this.
There has been a builders report, moisture testing with a camera/probes (but not on the end of the house where they actually think the moisture could be an issue - they said access with limited).
What other investigative steps would you take before potentially making an offer? Would you run a mile? What other questions would you be asking that The builders report might not answer?
Owner is looking for 500K. The plot of land it’s on is probably worth around 350,000, looking at other plots in the surrounding suburbs. As for the house, I can’t seem to make an informed guess as to how much it’s worth.
Any advice / pointers / “run a mile” stories much appreciated. Thank you.
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