Hi everyone,
hope you're all doing well. I finally took the first step and am currently in the process of buying my first apartment. The idea is to live in it for 6 months then rent it out later. I just had a building inspection done (5 mins ago) and the cooling off period ends on Friday. The inspector said that the only issues were a bit of moisture in the bathroom (window needs to be open to allow ventilation during showers) and a bit of rust on the outside frames around the windows. I don't really have much of a clue as to what to do about this. Is is reasonable to ask the vendor to fix or repair these things? Or even for a discount as I don't mind doing the work myself? Or are these things already my responsibility?
Any help is greatly appreciated.
Cheers, and have a nice day!
Hi Romeop
Until the cooling off period expires, you haven't actually bought the property… what you have, is a contractual 'option to purchase' the property.
As such, you can make a financially revised offer which will allow for the repairs to be completed, or alternatively, request that the required work be completed prior to settlement.
You will upset both the agent and the vendor by doing so, but you are well within your rights to make the above requests… i guess, just understand that the vendor is also under no legal obligation to accept your offer. Should the vendor stay firm and refuse to lower the asking price or complete the required works, and you decide to not proceed all that will happen is that you will lose your 0.025% deposit (i presume this is the only deposit that you have paid) and the property will go back on the market.
Hi Romeop,
In my experience this would seem to be a small issue and I have installed a bathroom exhaust fan to solve this issue. I am assuming that most people do not want a window open when they are taking a shower. Try for a discount off the purchase price but be realistic … say $500 and expect the vendor to reject it, however you do not know until you give it a go.
Property Trader | Boston West Pty Ltd
http://bostonwest.com.au
Email Me | Phone MePrivate money lending opportunities available paying upto 12%, secured by bricks and mortar!
Thanks for the feedback guys, I've decided that I'll just take on the repairs myself.
And the idea of the exhaust fan is something I haven't thought of. I've got a lot of learning to do and looks like I'll be going to Bunnings warehouse.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
