Purchasing a termite damaged property

Hello
I am considering to purchase a property with termite damages in Brisbane. According to B&P inspection reports, termit has been treated based on the stick notes on the walls and there is no evidence of live termite. However, the property conditions is under average, walls cracked due to one stump damaged.

I wonder if I can rent out the property or not if I buy this property? what is the legal requirements to rent out such property? Do you know how to get a report/certificate that the property is safe for occupancy/living?

Thanks

 

Personally I would avoid it, unless a block of land in the same suburb the same size is worth the same price and you plan to knock it down in the future. (Then I guess it probably doesn't matter), though you would have to ensure it is safe to live in.
It will probably end up being a can of worms. What is the discount on it compared to non termite affected?

 

I.guess it depends on how handy you are ?
Ive seen places last 20+ years proped up on a few bricks and fibro used as packers.
Is there future development potential ?
As OTIE said, need to buy BMV, patch and rent.
Decide later if you rectify or redevelop.

 

There is a discount and development potential.
Should I hire a structural engineer to assess the house safety?

 

I am currently renting one out an IP which has had issues due to termites damaging most of the wooden floor structure. Will be demolishing shortly to build 3.

The only reason I purchased this property was development potential, still could rent it out and I purchased it well below market value and I had the option to repair or leave it vacant while I applied for plans and permits

It comes down to risk vs reward.

Being able to secure the property at significant reduction/land value or less

Dependent on amount of damage, cost to repair

Can you repair this yourself, and save money

Is this market hot/rising? makes it less riskier proposition.

I have also purchased property with significant structural damage and it was the best property I purchased, as I made a killing when I sold up.

Sometimes finding a solution can be a great way to make money, while others will run....

MTR

 

Thanks for all replies.

I would like to quantify the cost/quotes to fix the structural and termite damages. Does anyone know any builders in Brisbane happy to give quotes and do the jobs if I buy the house?

 

Where is it ? Have you had a B&P already ?