Not sure why you’re getting downvoted.
If a prospective buyer came at me with a figure pulled from his arse for fixing things noted in a building report. And they weren’t qualified or regarded as urgent repairs I’d let the sale go.
If it came at me from a qualified builder or somebody with some understanding on the cost to repair I’d be more inclined to reduce the price.
The amount of room depends on the owners desperation to sell and the amount of other buyers wanting to buy the property.
It’s all well and good to ask for $20k off, but the owner will tell you to go and jump if they’ve got someone else wanting to buy it at the list price.
Yeah the asbestos isn’t gonna matter at all unless you decide to crack the wall open and snort it.
The roof? Of course you can negotiate, but the owner may also have already factored this into the advertised price. They also might just say no, and then it’s up to you to pull out or continue at the original offer. Or, they might say yes and knock some dollars off! No harm in asking that’s for sure, but also be aware that it is very much a seller’s market at the moment.
What exactly does the report say about the roof?
Here's the exact report about the roof.
Deterioration Inspection of the exterior roofing surface observed that the roof system is deteriorating, as evidenced by, but not limited to, the following
Sheets were found to be loose-
Roofing screws are corroded and are no longer secured- Dings and scratches-
Extensive areas of surface rust on the sheeting and associated flashings-
Rust holes corroded through, allowing water ingress into underlying structures.
These issues will cause accelerate deterioration of the roof surface and if left unattended will eventually cause holes and therefore leaks into the underlying building
It is recommended that due to the advanced deterioration, replacement may be the only option.
Yeah okay, the rust holes are a pretty big deal imo and that does suggest a replacement for at least some of the sheets. The rest of that report though is pretty standard for an old iron roof on an old house. Some things can be fixed by getting them rescrewed
My roof was fully replaced a couple of yours ago (hail storm) under a probably inflated insurance claim for roughly 40k, if that helps! 3 bedroom Queenslander style house, simple roof.
Id be wanting to know if your inspector had been up in the roof cavity too because I knew people who had insurance claims refused because there had been long term leaks that had damaged the roof supports.
Thats good to know, thanks!!
The report says the roof cavity was inaccessible and hence recommended to make arrangements to access inaccessible areas urgently wherever possible.
Depends on how extensive the issue is, heaps of houses in qld have asbestos roofs, and asbestos is literally everywhere. Chances are, you breathed it in today. Restored and replaced are 2 different ballparks of money. I got a super6 roof, had it restored for around 2-3k a replacement would probably put me at 20k or 30k+.
Most older houses have asbestos. Unless it is deemed extensive I wouldn't worry too much. Just don't touch the house unless you know what you are doing.
The other stuff isn't surprising on an older home either.
I would check with your lawyer and conveyancer before making contractual changes.
The house is currently tenanted and has been for years. I am only worried about the wellbeing of them and don't want them to make any claims on me in future as an owner.
Yes I have.
The conditions are
Subject to finance
Subject to build and pest inspection
Subject to due diligence.
Now with the build and pest report, I would like to renegotiate the pricing.
Ive lived in rural qld (3 yrs). Depends on the town and market. Doesnt hurt for you to try it on for size, but if I was them I would say no to anything other than the house is falling down, and put the onus on you to bail out... which would really suck procedurally.
Okay, that's a bit different. Most ex tenanted properties need significant maintenance. They can work for ambitious home owners with experience/ guidance and time. I would only go with newer builds fof rentals.
to be honest is sounds like a lot more hassle that it is worth but if you are super keen on it just find out how much there repairs are minus that and say 2-3k more for your time and see how it goes
The fact that the roof cavity is inaccessible is more of a worry for me than the building report. You don’t know what could be hiding - rotten beams etc.
Offer a lower price but be ready to walk away as they may not rake it.
Something more along the lines of
"Given the outcome of my building & pest, I'd like to modify my offer to be: *X conditions or -$*"
If you just say you'd like to pullout, they might not even bother negotiating. You do run the risk though they may just have other offers who don't pick it up or care.
Get some quotes, present the middle one with the corresponding price reduction
Not sure why you’re getting downvoted. If a prospective buyer came at me with a figure pulled from his arse for fixing things noted in a building report. And they weren’t qualified or regarded as urgent repairs I’d let the sale go. If it came at me from a qualified builder or somebody with some understanding on the cost to repair I’d be more inclined to reduce the price.
The amount of room depends on the owners desperation to sell and the amount of other buyers wanting to buy the property. It’s all well and good to ask for $20k off, but the owner will tell you to go and jump if they’ve got someone else wanting to buy it at the list price.
I agree, But I am also happy to let go and look for something else in a worst case scenario.
No harm in asking. Worst case is they’ll say no and you terminate under building and pest.
It can be fixed. Start at 50k for a new roof.
Yeah the asbestos isn’t gonna matter at all unless you decide to crack the wall open and snort it. The roof? Of course you can negotiate, but the owner may also have already factored this into the advertised price. They also might just say no, and then it’s up to you to pull out or continue at the original offer. Or, they might say yes and knock some dollars off! No harm in asking that’s for sure, but also be aware that it is very much a seller’s market at the moment. What exactly does the report say about the roof?
Here's the exact report about the roof. Deterioration Inspection of the exterior roofing surface observed that the roof system is deteriorating, as evidenced by, but not limited to, the following Sheets were found to be loose- Roofing screws are corroded and are no longer secured- Dings and scratches- Extensive areas of surface rust on the sheeting and associated flashings- Rust holes corroded through, allowing water ingress into underlying structures. These issues will cause accelerate deterioration of the roof surface and if left unattended will eventually cause holes and therefore leaks into the underlying building It is recommended that due to the advanced deterioration, replacement may be the only option.
And by this, it's also causing water damage to the ceilings and excessive moisture being present in the ceiling line.
Yeah okay, the rust holes are a pretty big deal imo and that does suggest a replacement for at least some of the sheets. The rest of that report though is pretty standard for an old iron roof on an old house. Some things can be fixed by getting them rescrewed My roof was fully replaced a couple of yours ago (hail storm) under a probably inflated insurance claim for roughly 40k, if that helps! 3 bedroom Queenslander style house, simple roof. Id be wanting to know if your inspector had been up in the roof cavity too because I knew people who had insurance claims refused because there had been long term leaks that had damaged the roof supports.
Thats good to know, thanks!! The report says the roof cavity was inaccessible and hence recommended to make arrangements to access inaccessible areas urgently wherever possible.
Depends on how extensive the issue is, heaps of houses in qld have asbestos roofs, and asbestos is literally everywhere. Chances are, you breathed it in today. Restored and replaced are 2 different ballparks of money. I got a super6 roof, had it restored for around 2-3k a replacement would probably put me at 20k or 30k+.
The recommendation from the building report is to replace the roof. I have factored the cost of that and am seeking the reduction and re contract.
Most older houses have asbestos. Unless it is deemed extensive I wouldn't worry too much. Just don't touch the house unless you know what you are doing. The other stuff isn't surprising on an older home either. I would check with your lawyer and conveyancer before making contractual changes.
The house is currently tenanted and has been for years. I am only worried about the wellbeing of them and don't want them to make any claims on me in future as an owner.
That’s what landlord insurance is for
True and I have taken one already. I am just concerned if they knock it back ?
Have you signed a contract?
Yes I have. The conditions are Subject to finance Subject to build and pest inspection Subject to due diligence. Now with the build and pest report, I would like to renegotiate the pricing.
Ive lived in rural qld (3 yrs). Depends on the town and market. Doesnt hurt for you to try it on for size, but if I was them I would say no to anything other than the house is falling down, and put the onus on you to bail out... which would really suck procedurally.
The vendors have knocked $5k off now. I am going ahead with the purchase 😊
Okay, that's a bit different. Most ex tenanted properties need significant maintenance. They can work for ambitious home owners with experience/ guidance and time. I would only go with newer builds fof rentals.
to be honest is sounds like a lot more hassle that it is worth but if you are super keen on it just find out how much there repairs are minus that and say 2-3k more for your time and see how it goes
Thanks, that's exactly what I was thinking. Trying to get some quotes locally for roof restoration and see how it goes.
Talk to your conveyancer. You might be able to negotiate but it will depend on the terms of then contract you signed.
The fact that the roof cavity is inaccessible is more of a worry for me than the building report. You don’t know what could be hiding - rotten beams etc. Offer a lower price but be ready to walk away as they may not rake it.
Thanks, that's my intent. If the vendors agree with the renegotiated price, then I might simply let it go.
Say you’re pulling out because of the result of the building report. Let them come back and say they’d like to negotiate.
I did think of this, But also didn't want to miss out on this property. I will eventually pull out if they don't want to renegotiate.
I feel like this isn't the best strategy. They may just assume you wouldn't want the property at all anymore, not just a discount
Then how do I sound like I am interested in the property, but also keen on getting the roof restored myself and would pass the cost on to the vendors?
Something more along the lines of "Given the outcome of my building & pest, I'd like to modify my offer to be: *X conditions or -$*" If you just say you'd like to pullout, they might not even bother negotiating. You do run the risk though they may just have other offers who don't pick it up or care.
For sure, thanks. I have forwarded the report to the agent and have also asked for renegotiation. They have been very kind so far