Dear All,
I am a novice investor and recently sign a contract -subject to pest and building report for a country property in Vic. Just received a pest report with subterranean termite.
Greatly appreciate your valuable feedback/experience and comment should I proceed to buy or exist from the contact.
my main concern is the high maintenance…
Being foreign investor with limit knowledge of local environement, it does make decision hard. greatly appreciate your help in sharing.
thanks and cheers !
MingDepending on the severity of the termite damage, you could still proceed and negotiate a discount. Sometimes the building reports show up damage, but no evidence of termites still in the structure.
You would need to get a termite treatment done if you proceed in any case.
If in doubt; exit the contract and look for another deal of the century. There should be one in a few minutes.
My friends PPOR has termites. An addition on the house was a major factor which cost her about $10,000 to get rid of untreated pine used for extension. The slab was actually below ground level also, which she left. Her relative provided free labour also. Causes her major stress. She's spent heaps on pest control but can't eradicate them. Whenever she goes away on holidays they infest house more. I'd be talking to the pest and building inspector and ask their opinion before going ahead.
Dear L.A Aussie and Millions,
thank you very much indeed for your valauable sharing. my buyer agent have check with both pest and building inspectors and they have indicated that the maintenance matters are not major and he also has help to negotiate with vendor to perform the termite treatment. I leave very much to my buyer agent recommendation as I really very green and novice investor.
I think i will continue to purchase this property and really hope that this will not cause me more money ……
thank you and cheers !
MingMing,
I recently brought a house infested with termite on the back fence and retaining wall but not in the house. This was picked up during the pest inspection and got a quote from the inspector for the treatment =$3k. I than proceed to ask for a reduce in price before settlement and the vendor was willing.
U can always walk away if you not comfortable.
loveinvesting
Hi loveinvesting,
thanks for your sharing, much appreciated.
I was debating with myself shld I exist from the contract. But is encouranged by my buyer agent. My understanding is that it is very common to have termite infested properties especially in the country side. not sure how truth is that as I never live in Country side in Aust. We bought 2 houses, example, 1,3,5 is the house number. we bought house number 1 and 5. my main concern is house number 3, though my 2 houses is cleaned up after the inspection and termite from house # 3 will come to infest my houses again. Not sure, it is valid or sensible to think that this is the expectation due the price of the property is cheap and old (weatherboard)and on top of that it is in the country side.
This is my first time to encounter such termite infested houses. May be that whole stretch of houses along that street are infested with termite. sigh !
thanks,
MingHi loveinvesting,
by the way, is your property at country side too ? Can we generally think there is much lesser or close to zero termite infested house in the Metropolitan area ???
once the properties are a few hrs drive from city, it is more prompt to termite ??
cheers !
Ming
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