Hi,
My friend has come to me for help however i’ve personally never bought off the plan before. She has bought her very first PPOR “Off the plan” in 2013 and it is now all going horribly wrong. She purchased a duplex within a “heritage listed” building which the builder was changing from a boarding house, back into a 2 unit duplex. The builder has also built several new blocks of units around the perimeter of this duplex.
Upon viewing, she realised something wasn’t right and engaged a building inspector. The inspector suggests there is around $250k worth of defects per duplex, so $500k for the building in total. There is structural damage, termite damage, wet rot, major damp issues and they are just the main problems. I advised her to engage her lawyer immediately, however he doesn’t seem to be doing much for her. My hubby is a builder and upon seeing some photos and reading the report, would ordinarily tell her to run as fast as she can in the opposite direction.
The main problem…. She purchased for around $850k, like for like in same suburb / area, now sells for $1.2m+. If she walks, she has lost $350k+ in equity and has priced herself out of the market for a similar property. Does anyone have any experience here or can recommend a VERY VERY GOOD property lawyer in the Sydney / East / CBD area? Thanks in advance.
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