澳洲Australia property how's the timing? | Sydney


在澳大利亚 The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m


Hey nerds,

how's this for a p.i.t.a (for us in our tiny world).

As most will know, we have just sold our PPoR, with the plan to build on our block which is across the road from our house. We have all our permits and plans and are ready to go, just waiting on funds from the PPoR sale to begin.

Now, right next door to this block, and directly in front of our recently sold PPoR is another vacant block of some 1500sq/m. It has been there since we bought our PPoR and we have always wanted to buy it.

It is the identical copy of our PPoR block in size and shape, but on the lower side of the road. It is perhaps the best block in Dromana, with unbelievable views, but is owned by an old lady up in Caulfield. She has had several offers to sell over the years; one of them from us, but she has always said no.

So, yesterday our neighbor calls us up and says "guess what; the block next door is for sale". :eek:

The asking price is $450k.

So, I call up the agent immediately last night to discuss it. Both the agent and I believe this is a bit under it's value.

Turns out the old lady has to go into a nursing home (which was my guess ; or had died) and the kids need to sell the block to pay for her place in it. Apparently they would like to sell quickly and get the money quickly.

Now, the problem for us is we have most of our funds tied up right now; so we are not in a position to give them a 10% deposit or settle quickly.

We really want this block, So, our offer to the agent was as win-win as we could make it, without offering more than the asking price. Stamps are another $20k approx.

We offered the full asking price, but only with a $5k deposit, and settlement when our PPoR settles in September. The agent will be talking to the Vendors today about our offer.

But how's the timing; if it had come on the market before our reno, we'd have been set to go, and we've gone so far down the track towards getting the build underway across the road, and have our heads and hearts in that project, and now it's all been thrown up in the air.

Now, we can't decide between pursuing this block, or just stick to our current pet project. :confused:  

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Just a thought.... when we had to find Dad a nursing home spot, until we actually paid the $500K bond, we paid a fee (I think we paid $2,500 a month pro-rata, but you would need to check). We were held up by St George refusing to release funds even though they had a valid signature. I went into fight mode and we got the funds released, but not without accruing some interest whilst I was in there fighting for our rights.

Dad had moved in already but it took us a couple of weeks to sort out the funding.

Perhaps if you offer to pay the fee (depending on how much it is) then they are not out of pocket by delaying settlement.  

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That's a good thought Wylie.

I will ring the agent and suss out that aspect of their predicament.

Thanks for that.  

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Whoah, that's a pretty nice PITA to have! Being a bit of a fatalist I would say that this opportunity has presented itself to you for a reason. My guess is that the only reason that you are wedded to your current project is because you've done so much of it in your head already. A few years ago, before you started planning the current project, which block would you have chosen? You would have chosen
BayView said: ↑
.. perhaps the best block in Dromana, with unbelievable views..Click to expand...
:D  

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Ms Jade said: ↑
Whoah, that's a pretty nice PITA to have! Being a bit of a fatalist I would say that this opportunity has presented itself to you for a reason. My guess is that the only reason that you are wedded to your current project is because you've done so much of it in your head already. A few years ago, before you started planning the current project, which block would you have chosen? You would have chosen

:DClick to expand...
This is true.

But we are in love....with our current project. We love everything about what we are planning to do; the design of the house and the pool etc.

We have decided that we will still buy the new block, readjust the boundaries so that our current project has more space down the east side (about 5 metres) and towards the bottom of the block, and install some covenants on the new one to stop anyone from building too far down the block to cut off our views to the east, and then we will re-sell the block.

Even with these adjustments, there will still be well over 1,000sq/m and the covenant will not be restrictive; the next owners will still have amazing views, but not cut off ours.  

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Ha! 24 hours in property....

We are pulling the pin on this (new) block completely.

We've spent almost 2 years getting all the plans, permits etc completed on the current block, as well as not much change out of $15k for all the guff.

We'll be starting to build in the next month or so without this new block issue.

To do the new block purchase and do it all over again would mean more dollars, more time gone, and we just want to get into the new house and sit on the deck sipping margueritas....  

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