Hello
I’m a newbie to property investing (finally crossing that line from analysis paralysis to taking action!) and would love some opinions on repairs prior to settlement and whether this happens!I have just bought a place in WA (i’m in sydney) and the building inspection report has come back with a bad leak in the ensuite into the walk in robe on the other side of the wall.
I want the vendor to fix this prior to settlement but what are my chances of this happening? How does one start negotiating the repairs prior to settlment? Or is this something that goes with part of a good deal?
I would try and fix in myself (or get my handy daddy) if it was closer to home.
Any advice/feedback/opinions are much appreciated
Candy
Candy,
Speak to your solicitor ASAP.
I would suggest you get a quote for repair and have your solicitor put it to the vendor to reduce the asking price by that amount.
This will probably start off some negotiations and hopefully you will get to a place where you are happy to proceed.
Of course this only works if you have the appropriate clauses in place.
All the best,
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Hi Simon
Thanks for the quick feedbackHaving ‘appropriate clauses in place’..when i signed the contract of sale, it had a subject to building inspection…is this the clause you are referring to?
Candy
Yes mate
Simon Macks
Finance Broker
[email protected]
0425 228 985Comments may not be relevant to individual circumstances. If you intend making any investment, financial or taxation decision you should consult a professional adviser.
Take Simon’s advice re: getting a quote for the repair.
A repair like that can be tricky, too. If you are contemplating getting the vendor to repair it, you would need to stipulate how the repair is done i.e. if they just buy a can of that ‘shower seal’ product sold at hardware stores and slap it on, the problem will come back.
Ask the building inspector also whether there is any damage to the sub floor. If water has travelled laterally into the next room, it may have travelled down as well.
Scott
Tax Depreciation Schedules
Australia wide service
1300 660033
[email protected]
http://www.depreciator.com.auHey Candy,
I bought my first property over here in WA about 12 months ago and was surprised by what my RE agent told me during our final inspection prior to settlement. He said that all fixtures and fittings must be fit for purpose and in working order. In our case one of the hotplates was not working and promptly organised for the owner to have it fixed. He said it part of WA RE law.
I found this surprising as I always thought it was buyer beware and that even though you have an out, its not worth losing the deposit over usually.
Any other WA-ites have any other experience as I may found the other moral RE in Perth!
I have negotiated price reductions based on work to be done for properties in Qld, Tassie and WA. We had a termite problem in a tree outside a house in Qld and the $1320 for a complete termite barrier was taken off the purchase price.
Tassie (for a client) arranged a quote for some serious repairs to walls,doors etc to bedone. The quote was $8,800.00 the price was reduced by $9000.00 to complete the sale.
WA repairs to a downpipe, a faulty air conditioner and some electrical work was all done by the seller at no cost or change to me.
Go for it, and as soon as you can get it all documented through your solicitor or conveyancer. Most in WA are conveyancers only.
Good Luck
DD
PS146 Certified Financial Planner
Don’t sweat the small stuff,and it’s all small stuff!!
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