VIC Buying Unit that was left empty for 6 years

Discussion in 'Property Analysis' started by MD123, 8th Mar, 2019.

Join Australia's most dynamic and respected property investment community
  1. MD123

    MD123 Member

    Joined:
    8th Mar, 2019
    Posts:
    6
    Location:
    Melbourne
    Hey guys,

    I'm planning to buy a Unit to live in around the Bayside area in Melbourne. The unit was built in 2002. It is a brick veneer with a concrete slab foundation and was built in 2002. Everything looks good upon inspection, however, I was told by the agent that the unit was left empty for 6 years.

    I’m planning to do a more in-depth inspection soon so I’d love to get some opinions on what potential pitfalls I should watch out for? Many thanks.
     
    MD123, 8th Mar, 2019
    #1
  2. Scott No Mates

    Scott No Mates Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    27,248
    Location:
    Sydney or NSW or Australia
    Why was it left vacant? Was there some sort of violent history to the property?
     
    Scott No Mates, 8th Mar, 2019
    #2
  3. MD123

    MD123 Member

    Joined:
    8th Mar, 2019
    Posts:
    6
    Location:
    Melbourne
    It was left vacant because the couple who used to live there went in to care 6 years ago. They passed away 2 years after that.
     
    MD123, 9th Mar, 2019
    #3
  4. JacM

    JacM VIC Buyer's Agent - Melbourne, Geelong, Ballarat Business Member

    Joined:
    12th Jul, 2015
    Posts:
    2,219
    Location:
    Melbourne, Australia
    Certainly have a building and pest inspection done - nobody has been about to watch changes to the property occur. In particular focus on termite-related matters, plumbing (if there was a leak in a pipe it had 6 years to keep leaking). Also check appliances and hot water service functionality. Often if not used for a long time, such things tend to fail.
     
    JacM, 9th Mar, 2019
    #4
    craigc and scientist like this.
  5. Lacrim

    Lacrim Well-Known Member

    Joined:
    25th Jul, 2015
    Posts:
    6,197
    Location:
    Australia
    It's haunted.
     
    Lacrim, 9th Mar, 2019
    #5
    Terry_w likes this.
  6. TomC

    TomC Active Member

    Joined:
    29th Oct, 2017
    Posts:
    34
    Location:
    QLD
    That's the tenant's problem....
     
    TomC, 21st Mar, 2019
    #6
    Gladys likes this.
  7. Stoffo

    Stoffo Well-Known Member

    Joined:
    14th Jul, 2016
    Posts:
    5,331
    Location:
    In the Tweed
    We bid on a house last year very similar (didn't win)
    The house had sat empty for some time, a hot water pipe leaked, it had a massive mould problem !
    Note to self, turn off power, gas and water at empty vacant homes ;)
     
    Stoffo, 21st Mar, 2019
    #7
  8. Paul@PAS

    Paul@PAS Tax, Accounting + SMSF + All things Property Tax Business Plus Member

    Joined:
    18th Jun, 2015
    Posts:
    23,536
    Location:
    Sydney
    There is also a settlement risk it is vacant and cant be insured by either vendor or buyer until you take possession AND install tenants. Title insurance is a matter to discuss with the solicitor advising you.
     
    Paul@PAS, 22nd Mar, 2019
    #8