All Topics / Help Needed! / Should I buy a unit where the original builder went bankrupt?

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  • Profile photo of JZ_33JZ_33
    Participant
    @jz_33
    Join Date: 2014
    Post Count: 28

    I’m currently looking at a brand new unit that is reasonably priced but I’m a little wary because the original builders went bankrupt and the project was then taken over by new builders and then completed. I spoke to the agent and was told that there would be 6 years of warranty provided on the place but I’m still hesitant as I’ve heard of a few horror stories of builders avoiding repairs and pushing it out until warranty is over.

    What are some of the things you can do to investigate further on the build quality? A Strata report might not contain very much since the building is brand new. Will a building inspector be able to look at the apartment complex and give a decent assessment? Or is this something that’s near impossible to do without having access to the entire building?

    Profile photo of Jamie MooreJamie Moore
    Participant
    @jamie-m
    Join Date: 2010
    Post Count: 5,069

    I’d look at arranging your own independent building inspection – that should provide some peace of mind.

    I’d also try and find information on other developments that the builders have carried out.

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

    Profile photo of JZ_33JZ_33
    Participant
    @jz_33
    Join Date: 2014
    Post Count: 28

    Thanks Jamie. I actually went there yesterday evening afternoon and had a look and didn’t quite like what I saw so will pass it up.

    Profile photo of TerrywTerryw
    Participant
    @terryw
    Join Date: 2001
    Post Count: 16,213

    Seek legal advice before contacting as extra risks from creditors.

    Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
    http://www.Structuring.com.au
    Email Me

    Lawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au

Viewing 4 posts - 1 through 4 (of 4 total)

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