Hi, I am new to this site and new to property having recently put a contract on a 3brm property subject to building and pest inspection.
the deal is in qld and will be our PPOR and i have been patiently looking for a well priced property that we can add value to and then look at our equity position after a 1-2 years.
the house is old fibro/iron roof cottage but is very neat and tidy (been in same family for 30+ years) on a good sized block. building inspection was okay however pest inspection located termite damage in the roof of the property. the roof cavity is too small to investigate easily so the vendors have agreed to pay for another more specialised inspection to determine extent of damage and whether there is any live activity in the house. i have had building and pest clause extended on contract while we wait.
this opportunity is too good to walk away from at this stage given the central location of the property and the land value. I would be surprised if there was no sign of termite damage to a property of this age.
reading previous posts, i get the impression that land value is the key with this opportunity and I wonder if someone might advise the best way to determine land value in this deal. once i have a more clear idea of termite damage, i can do a breakdown of land/house value and decide how much i am prepared to pay for the house itself and how much for the actual land.
any ideas welcome,
thanks
dylanoYou could get a valuer to value the property, explain what you are trying to achieve so he can separate the values for you.
Or try ringing the valuers general office in your area and see if they can help with land value.
Or ring a different agent in town and ask if there are any blocks for sale around the area of the house, if so, ask the price of the blocks, this will giv eyou an idea of what your block would be worth.
Good Luck.
PK
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