NSW How much will this house in North Bexley will be sold for?

Hi everyone, with the current situation, how much do you think this 2br house in North Bexley be sold for? It’s in front of a busy Bexley Rd. The RE agents said they are having a buyer’s guide of $1-1.1M, but the comparable data show it’s a bit off and with the current situation we’re in, it’s highly unlikely. I don’t know if the RE are just underquoting much. We are losing often at auction and our preauction offers are always rejected. How much should we offer prior to the auction? TIA!
https://m.realestate.com.au/property-house-nsw-bexley+north-135550662

 

It has a 23m frontage, will your competition be developers seeking a splitter or duplex block? The frontage is more important than the shape of the land, get a DA & flip in this market.

 

That’s what we are thinking as well. It’s lot size is good and has more room to grow. Now we offered $1.1M and the vendors are willing to sell for that price but the RE agent said someone has put an offer for $1,110,000. How do I know it’s a genuine one and we should counter offer? Thank you

 

You don't. This is when you realise the virtues of going to auction.

At this point you could be shadowboxing, who knows. I hate being in this situation, been there many times myself.

 

This seems like a classic and very convenient bit of perceived competition to get to bid against yourself... but it could also be genuine;-) Only you can be the judge of which one it is and how badly you want the house or if it is worth bidding more?

 

@Bwinny @jaybean

! We actually offered $1,112,000 and the vendors accepted, however upon further assessing with the B&P report they provided, there’s issue with the dampness,subfloor ventilation (they said common for the old houses here). Now the surveyor estimated $10-15k of repairs, how can we renegotiate that they’ll still willing to deal with us. we’re about to sign the 66w certificate and contract tomorrow. It’s a preauction offer. Thanks!

 

Just to address the dampness issue, yes this is common, even within newish houses that have had a dampcourse that has failed. I'm dealing with it right now, it'll be circa 10k to fix (the lower end of the scale as it's a small house). They're not lying to you when they say it's a common issue. You've probably seen it a million times before but didn't realise what the cause of it was - this is the effect of it (paint bubbling and mould). Most people don't realise it's a dampness issue and will just sand back the bubbling, clean off the mould, and then repaint (which is a total waste of time as it will just come back again).

 

Aww that’s a bummer. Hope you get it sorted easily! Spoke to the “damp proof guy” earlier and he said we just need to pay for the subfloor ventilation and fans +++, we’re renegotiating now to try to knock off a few $$ from the purchase price

 

Be careful with subfloor fans:



My place was already "fixed" for rising dampness by the previous owner. I have the certificate and everything, she paid a small fortune. But they did a crap job. So I have to bite the bullet and get it done again.

So there's potentially a lot of money at risk here if you get cowboys in to do it.

 

Do you or anyone have recommendations for someone to help address with sub-floor ventilation?

I have a mould growing on the subfloor and one of the previous owners had installed a fan with ducts which hasn't been working for a long time.

As far as I can see, mortar is all fine and no rising damp so it's just a bit damp down there.

 

Exchange Air 02 9427 8800- have done 2 for me recently.

It may be a failed motor or timer.

 

Have you had it done yet / what was your experience? I'm going through the same thing and was happy to know about fans but then came across the same YouTube video. Feels very disheartening because there is the risk with fans and I can't really stand the smell coming up through the floorboards.
Also what did you notice that makes you think they did a crap job? In the coming months I'm going to get a few quotes from different businesses and want to keep an eye out for dodgy solutions.

 

Hi,

Yeah it seems fans are a no-go.

In regards to "Also what did you notice that makes you think they did a crap job?", I had a building inspector come out to run some measurements and he found there was still moisture in the walls. Also we found that they did the drilling from the outside of a double brick wall which is not the way it's usually done (it should be from the inside). So obviously they cut a few corners. I used David Hall who is a real expert when it comes to older homes - the guy really knows his stuff:

Building Inspection Reports Sydney | David Hall Building Appraisals

He felt they didn't do a good enough job and I trust his opinion on it.

He recommended a company called Dyco Hyroseal (9516 5322). I haven't used them yet as I have some other reno work to do ahead of them but they are the ones I will be calling when I'm ready.

 

I am quite confused. I have spoken to 2 subfloor ventilation companies. Unsurprisingly they suggest fans as my place is double brick so passive cross flow ventilation is hard to achieve. Only issue I have is decent mould on the subfloor as the house is on a lower part of a hill so all the rainwater is flows through my place. No signs of rising damp.

Does anyone know if fans is the right solution for my situation? I'd hate to put in fans only to dry out the bricks which then causes the mortar issues.

Thanks

 

Fans can get noisy at night

 

Did you find a solution? Fans will improve air movement (they run on a timer not 24/7). It will draw moisture away to the brick face to evaporate & dry off the soil surface.

Mould treatment will kill any mould due to water & lack of ventilation.

 

I haven't proceeded mainly due to being too busy personally. Also thinking of improving drainage in the yard which may be a better solution. I got three quotes for damp subfloor incl from Martin at Exchange air.

One guy seemed a little fly by night providing a quote by sms after a site visit. Two others including Martin a more detailed written quote.

Of the two, one proposed a single fan negative system blowing air out of the subfloor. The other a two fan balanced system. I couldn't really tell which was better but figured I prefer a one fan system. In a two fan system, if the air blowing out fails then the remaining functioning fan will push air into the subfloor and some may go into the house.

All vendors said they don't do anything to the mould and it will die off naturally as the subfloor dries out.