Hello all,
I have been looking at an IP that is rather old. Not sure exactly but probably 1960's. Brick throughout.
I realise I need to have a building and pest inspection if I am to proceed with this property but was hoping to get a head up from those in the know.
I note that there are a couple of grout cracks (bricks intact) on at least one external wall around the windows. My partner suggests this may be due to sinking… Anyone have any indication as to how big a concern this is?
I have a buy and hold strategy and am keen to find out what sort of challenges I may face with an old brick home into the future?
Any advice is welcomed.
Also any views on 2 beds for rental property investment. My critieria had previously specified 3 bed however the price on this might be right so I am feeling swayed.
Hi Intrigue,
A buy and hold on a 60's property means the property will have to have something special for me.
If you are worried about the cracks get a full inspection done and consider a structural inspection as part of your due diligence.
I would also check all lights, electrical fittings and fixtures all work properly. Oven, all burners, extraction fans, etc etc
Then there is the plumbing – we had a house built in the 80's some years ago and had never-ending problems with the plumbing. Shower used to back up as roots had blocked the drain. This was an expensive fix. How to the taps operate, easy/hard to turn off, toilet flush OK, sink, basin etc all in good working order. What about the outside taps.
Anything 50 yrs old it is reasonable to expect there would be some cracking in the brick work. As the cracks only sound like they are in the mortar then it is probably just typical movement in an old building. Generally the weakest point is around window corners so it is probably OK.
More and more 'households' are well suited to two bedroom properties. Check to see how the vacancy rates for similar properties are in the area. The days of investors only buying 4 X 2s are long gone. We live in a different society.
Thanks Derek,
I wouldn't say this home was special at all, rather affordable!
Offers some potential as is a deceased estate as requires some tidy up work (garden, paint, light fittings, carpets etc)
I do think wiring may be a problem (meter box looks good but fittings internally are really really old style so I am guessing so re-wiring may be required).
Roof with also need some repairs, a couple of small holes and some rusting on the edges on some sheets.
I have heard concerns with brick homes about rising damp? I dont see anything really. The first couple of layers of brink that meet the ground look damp but seems fine above that?
You are buying the land, the property is a bonus. As long as it is asthetically pleasing or you can give it a cosmetic upgrade I would have no hesitation in buying 50-60 year old properties…. Cracks are a common feature in this vintage. Refer to a structural engineer if you are in serious doubt?
thanks number 8, when you say ''you are buying the land and the property is a bonus''. are you saying that I should be paying much more than land value?
Land value in the area is approx $100k. Median house price (many of the same post war era) approx $320k
I am thinking I may be able to secure this home for $200k with a need to invest $20k to tidy up and achieve rent of say $250pw?
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