Uninhabitable bargain home attracts potential buyers

Uninhabitable bargain home attracts potential buyers

October 6, 2020 mieywmcnyozz 0

first_imgThe agent happily admits buyers enter this property at their own risk but that doesn’t seem to be putting people off this termite-damaged Queensland home that has been declared uninhabitable.This termite-damaged home will be auctioned on Saturday.The ad for the Raintrees Court property in Buderim bluntly spells out the property’s structural flaws which include termite damage to 75% of the whole house. At least eight of the property’s 32 trusses have confirmed termite damage.“We’ve had over 100 groups through the property, which is probably the busiest listing I have had in years,” says marketing agent Grant Smith of Century 21 Grant Smith Property on Queensland’s Sunshine Coast.Investment: Why buying an ugly house can be a great investmentMany potential buyers are attracted to the bargain which could give new meaning to the term renovator’s delight.“It is scheduled to sell potentially, depending on the bidding on the day, below land value,” Smith says.The median sale price for houses in Buderim is $575,000.The current owners discovered the termite damage while renovating the property.The current owners bought the house about two years ago and discovered the extent of the damage during a renovation. The house was deemed uninhabitable by an insurance company 18 months ago.“They (the owners) really love the location, they want to re-purchase in the area, but they’re not in a position to rebuild the house themselves,” Smith says.Those wishing to view it are required to sign a legal liability form.He says the sale should be a warning to all home owners to have their houses thoroughly checked for termite damage.The listing photos clearly show the extent of the termite damage.The insurance company estimates the repair job could cost between $180,000-$200,000.  Most buyers are more interested in tearing down the home and starting again, with a few local builders expressing an interest in undertaking the fiddly and expensive work to maintain the four-bedroom home.Interest in this house has been strong, despite the fact that those wishing to view it are required to sign a legal liability form.“Because it’s deemed uninhabitable it can’t be insured. And because it’s had structural damage from termites, that’s left us in a position to say it’s basically an ‘enter at your own risk’…It’s been a fascinating property to market, ” says Smith.“It’s predominantly locals who have seen the opportunity and gone ‘fantastic’,” says Smith.The pool is fine, says Smith.While the house will need to be either bulldozed or completely re-worked, the pool out the back is structurally sound.More from newsMould, age, not enough to stop 17 bidders fighting for this home3 hours agoBuyers ‘crazy’ not to take govt freebies, says 28-yr-old investor9 hours ago“The pool is perfectly fine…You can buy a block of dirt and a pool,” says Smith.The Buderim house sits on a 684sqm block and includes 35m of adjoining council parkland which makes it a “stunning block”, says Smith.The auction will be held at 10am this Saturday and bidders need to provide 5% for the deposit. It’s a strict cash unconditional sale with a 30-day settlement.The unusual sale has attracted good local media interest, Smith says.Selling vs renovating: Which is right for you?But it’s not the only property that has attracted bargain hunters, in May an asbestos-ridden house in Little Bay in Sydney sold for $1,881,000.A Surry Hills terrace home with an outdoor toilet recently sold for $1.685 million.In February, another “completely uninhabitable” Surry Hills home sold for over $1 million. The owner, Natalie Wood, had died in the house and her body was discovered eight years later.last_img

 

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