Settlement in 9 days - What would you do?

We have a property settling in 9 days. One of the problems during the build was a parking spot being change to a car stacker position. Our conveyancing lawyer has been actively trying to get some $compensation for the change, but the vendors haven't budged, until recently. Just last week, they corresponded again saying the reasons for the change, and if we do not want to proceed to settlement they are happy for this not to occur, with no penalties. We still want to proceed to settlement, and as a positive the valuation came in on the money, so thats ok.

The vendors solicitors also included in their letter they would as part of a positive jesture provide a package of whitegoods to the value of $5,500. This includes all Bosch appliance; a fridge, front load washer and drier. Note, the property will be leased after settlement.

So, with this in mind, would it make sense to have these appliances n the property. The property is a 2bed, 2bath, 1 car apartment, in Melbourne. Do you see an advantage in having these 3 items as part of the rental?

Additionally, i've been considering the following 3 scenarios:
- rent out apt with all 3 additional goods. Would this command a higher rental/less vacancy?
- Ask for the $5.5K to be a reduction in contract price instead? (BTW, we did pre settlement inspection today, and I ducked into 1 of the other apartments and noted down the make/model of the appliance and checked that they were selling at the Good Guys/Harvey Norman for just under 3K!)
- Rent out the apartment, with just the washer and drier and keep the fridge boxed up at home with a view of selling it online for ~1500. It alone is retailing for $1700.

My solicitor is saying we should consider asking for the 5.5K in cash, but somehow I don't think that would happen, considering their buy price being much lower. I'm worried if he asks for this, they may rescind on their offer of the whitegoods and I could be left with neither. Or can't they do that?

What are your thoughts?

Thanks.
,

 

I would probably rescind the contract to be honest - car stacker seems like a world of hassles for an IP.

 

Dishwasher is OK, but most renters have their own fridge and dryer.

Perhaps get something you want for your own house.

You may not make as much as you think on reselling the appliances.

 

Arguably the change to stacker car parking is not a "significant change" under the Sale of Land Act and therefore you have no right to make any objection or receive any compensation. You can still park a car there.

If you can get $5,500 cash out of them, fabulous. If you rescind the contract, they will almost certainly sell it for well above what you paid for it - that's probably why they suggested it!

As mentioned, most tenants have their own white goods.

 

I'd want to crash it. A proper car space is worth much more than even $5500 cash compensation. I guess it comes down to how good an investment is it?

 

I'd cancel and get deposit back, usually car stackers are limited to smaller cars and have on going maintenance costs.

 

Out of curiosity i googled car stacker, i imagine the system is like this



I can see some issues with these systems, car height to overhead roof ,the stop bar when driving on isn't high enough,blind freddy can see the car underneath copping a bucket load, oil leaks onto cars below........NO THANKS.

 

Nah, nothing like that. These ar 2 level only.if the top car drives in, i.e. It's position was already at ground level, the person drives in and pretty much gets out of the car and that's it. If the person on the lower platform wants to get their car out they insert a key into a key switch and the the 2 platforms (i.e. On on top of the other, each holding a car goes up) and the lower platform with th car is now at ground level. Person hops in his car and drives out.

Each platform is solid ( but corrugated), so no leaks from the top car on the bottom one.

 

seems like a massive pain in the arse.. by the time I buggerised around with that, I would have already walked to the shops and be half-way home.

Never mind somebody is guranteed to park fail at some point and damage the thing.

To me that is not a car spot I'd want.

 

This is what it will be like.
If they are shared.. you'd have to call your neighbour to remove their bottom car before you can get yours down. Imagine if they are out? Will be an absolute pain in the ass.
I'd only consider it if you owned both levels - not share.

In regards to the white goods. I would not bother entertaining that idea - get the money taken off. As you said, it won't cost them $5.5k to buy them. Do you even know what models would be bought? If I were a dodgy developer offering that, I'd buy the cheapest, smallest **** possible from seconds world.

 

Surely $5k (whether it be in cash or appliances) isn't nearly enough to compensate for the change- seems fairly material to me. Can you seek further compensation?

 

If you found out there was no parking, that would be a 'material change'. But a car stacker vs a car space is not.
The car stacker will likely have a recess below it so there won't be an issue if the owner of the other car is not around.
Yes, there will be maintenance issues. These will be dealt with by strata, as will issues with elevators and other stuff.
As Kate said above, the fact that the developer is happy to release you from the contract means they reckon they can sell the place for more than you paid for it. The fact that the bank val came in on the money also indicates this - they are always conservative.
They aren't going to reduce the cost by $5,500, so I would take the appliances. If this apartment is in a rental market where there are a lot of similar apartments, offering one with a fridge and washer/drier will set your one apart.
Scott

 

Agree especially if it's in a rising market.