We are currently looking at the possibility of buying an apartment in Parkview, Belarmine. There is a fire safety issue there that means it may be difficult for potential purchasers to obtain financing.
We are cash buyers, so it looks as if it might be an opportunity to pick something up at a good price. It’s for a relative, so we’re not planning to rent it. And the apartment ticks many boxes for us in terms of price, location, etc. We would welcome any thoughts on the advisability or otherwise of putting in an offer.
Our assessment of the pluses and minuses is as follows:
Pluses:
1. Difficulty in getting finance will reduce the number of potential buyers and may present an opportunity to pick up the apartment at a good price.
2. Because of the uncertainly about the cost of rectifying the issue, the reduction in purchase price may be greater than the actual cost.
Minuses:
1. Is there a danger we might be putting our relative at risk?
2. What if the actual cost of rectifying the issue is higher than expected?
Thoughts from anyone with knowledge of this particular development would be exceptionally welcome. But we would also be grateful for general thoughts on the issues I have raised above and any other issues I have overlooked that we should also consider.
Thanks
Homer
We are cash buyers, so it looks as if it might be an opportunity to pick something up at a good price. It’s for a relative, so we’re not planning to rent it. And the apartment ticks many boxes for us in terms of price, location, etc. We would welcome any thoughts on the advisability or otherwise of putting in an offer.
Our assessment of the pluses and minuses is as follows:
Pluses:
1. Difficulty in getting finance will reduce the number of potential buyers and may present an opportunity to pick up the apartment at a good price.
2. Because of the uncertainly about the cost of rectifying the issue, the reduction in purchase price may be greater than the actual cost.
Minuses:
1. Is there a danger we might be putting our relative at risk?
2. What if the actual cost of rectifying the issue is higher than expected?
Thoughts from anyone with knowledge of this particular development would be exceptionally welcome. But we would also be grateful for general thoughts on the issues I have raised above and any other issues I have overlooked that we should also consider.
Thanks
Homer
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