Is a Bathroom really essential for finance?

Discussion in 'Loans & Mortgage Brokers' started by Carol M, 16th Oct, 2019.

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  1. Carol M

    Carol M Well-Known Member

    Joined:
    3rd Jun, 2018
    Posts:
    170
    Location:
    Newcastle NSW
    Hi
    Am looking at a lovely old cottage but it has no bathroom inside house.
    There is an outdoor toilet, and a washbasin in outside shed, so technically not a bathroom.
    How will lenders view this for an 80 or even up to 95% resi/investment loan?
    Otherwise it's a very solid old building, and am willing to put a bathroom in the house after purchase.
    Thanks
     
  2. Paul@PAS

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

    Joined:
    18th Jun, 2015
    Posts:
    23,319
    Location:
    Sydney
    Valuation may be impacted of course but each lender policy may differ. And just as a valuation may be impacted your contracted price may already reflect the expected value impact. A broker would likely address which lenders to avoid as part of their service and already access a desktop val.

    Does the property connect to a septic tank or other type of solution such as underground pit? The condition of this needs inspection to ensure its not facing end of its effective life and a costly change to tank.
     
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