Woke up this morning to find the news on the radio saying a house has been gutted on the street where our house is.
Found out that it was definitely our Investment Property that was burnt down last night just after midnight.
The Tenant is safe and got out fine but has lost his contents. I am so grateful that he is ok.
The house is pretty much gutted but the roof is still on and most of the flooring is still good.
It is a postwar cottage with asbestos, on concrete stumps and is made from hardwood timber and tin roofing.
There is no determination to what caused the fire and no further investigationis being made by the forensic police.
I have notified our insurers and lodged a claim so it is now in their hands.
Has anyone had experience in this matter about what happens, any advice on what steps to take etc.
Do I need to notify the bank?
We have some available LOC's against the property that we will be using in the next few months to build a seperate granny flat that is to be started this week on a different property. can they make us close them down due to the fire and the current valuationof the property?
Any advice would be helpful.
Thank you in advance
As a property manager I have had the misfortune of coming across properties which have burnt down. Always after midnight and emergency services always find my mobile number to let me know…..
I can't give you any answer as far as the building of the granny flat and your bank loans go, however, I can offer some assurance that in the cases I have dealt with the insurance agencies were quick to settle and works were completed within a few months putting the landlord back on track. Just touch base with your insurer every week to see how the claim is going and to remind them that you haven't forgotten about it!
Lastly (but most importantly) my sympathies for what is a difficult time, I am most pleased your tenant is ok and hope that this all comes to a quick and smooth resolution.
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