Browse Forums General Discussion 1 Jan 28, 2022 11:05 pm Ladies and gents, I bought this property in Melbourne, Kings Park in 2017 for 500k (at 44 AldergateCrescent). According to RE, it's worth 600k now. https://www.realestate.com.au/property/ ... k-vic-3021 There are a number of wall cracks in the property, 2-3mm wide. Please see some pictures. They were there when we bought the property too (not sure if they were smaller at the time; BP inspection showed cracking typical for houses of that age in the area). We have recently engaged a structural engineer who says it's just normal settlement typical for houses of that age but suggest we build the concrete footpath 1m wide around the house (sloping away from house), install agi pipe and fix roof plumbing. We also need to monitor cracks over the next 12-24 months.This is in order to stop the cracks from getting larger. We already invested 5k in repairing stormwater drains (as requested by engineer) and this work would cost another 15-20k (concrete footpath 7k, agi pipes 5k, roof repairs 3k). Plus later we need to relevel the house by pack and jack method (2k). Is it worth doing all this repairs or should I just sell it? It has been very mentally draining organising all these repairs. Thanks Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Like ⋅ Add a comment ⋅ Pin to Ideaboard ⋅ Re: Sell or hold the property? 3Jan 29, 2022 9:58 am aussieta this appears to be a sales pitch, not a genuine question is it owner occupier/investment property your financial situation/mortgage your personal situation No sales pitch here mate 😀 I can afford to hold. That's not a problem. This is an investment property. I guess the question comes down to whether the property will appreciate enough over the next 10 years (when I am planning to sell) to cover all the costs of repairs. No one has crystall ball, I know, but seems like I am just holding a dud potentially. Re: Sell or hold the property? 5Jan 29, 2022 12:08 pm aussieta if you look at the real estate link you posted at the bottom of the page is the sales history for this house Good point, seems like a nice growth from 1979. I might hold 😀 Just having to pay so much for all these jobs seems like such a waste. yes it does, you've just not understood it. theres a difference. 4 5324 Use a product like Equisol's Vitalise to clean the deck then coat with a penetrating timber oil. It will look 10 years younger and add value to your home. Visit for… 1 15795 You might be able to apply to divert the sewer at your expense. In NSW you would contact a Water services co-ordinator and they would give you advice as to whether or not… 1 16147 |