1300 767 741

8am-6pm Mon-Fri
9am-4pm Sat-Sun
Enquiries & bookings

Termite-damaged house records $130,000 loss in two years

Why it’s worth double checking for termites. This story is QLD based however only in the past month we encountered a similar situation with a property in Canberra. This QLD property is on a concrete slab and clients think that a concrete slab makes is safe from termites – NOT! it actually makes if more difficult to detect termites as they come up through the concrete slab cracks and then before you know it they are in your skirting and wall frames potentially undetected.
Termites have eaten their way through the walls and value of a Sunshine Coast property, in a devastating blow to its owners.

Two years ago, new owners had unknowingly bought a termite-infested house for $487,000 in Buderim, only to have a nasty shock after starting renovations.

The house sold at auction last week for $360,000, a recorded loss of close to $130,000 in value. Buderim has a median house price of $565,000.

The 12 Raintrees Court house was deemed unliveable by its insurance company, who said the structural integrity was compromised by the damage.

Century 21 selling agent Grant Smith said it was “the worst case of termite damage” he had ever seen.

“It was bad, 75 per cent of the house had been affected,” Mr Smith said.

While he could not discuss the circumstances leading to the 2014 sale due to insurance claims, he could confirm the damage existed before the sale.

 Despite the damage and uninhabitable state of the house – now termite free – it attracted huge interest.

“We had over 100 people sign the papers so they could enter the property,” Mr Smith said.

“And 14 registered to bid on auction day.”

Surprisingly, the winning bidder does not intent to knock the home down.

“A builder-developer won the property, and actually he does not plan to bulldoze it, but wants to restore it,” Mr Smith said.

Mr Smith said it should serve as a warning for people looking at buying a home.

“You need to have a good and thorough inspection to ensure this doesn’t happen to you,” he said.

REIQ’s chief executive Antonia Mercorella said the organisation is lobbying for clearer laws to protect property consumers.

“At the moment, the act only mandates that things of a ‘material nature’ need to be disclosed,” she said.

“The REIQ is lobbying government, and has been for many years, on getting a specific disclosure regime legislated so that consumers can be protected in this major life transaction.

“Termite damage should be caught by the building and pest inspection, which is why it is so strongly recommended that all buyers get their own building and pest inspection done.”

FREE news and BONUS guide

 

Join our newsletter for free tips on how to identify and resolve hidden house problems before they become costly.

As a bonus get instant access to “What real estate agents don’t tell you”, our guide to negotiating a better deal on property.

We only send you relevant content and never share your details

“Recently my partner and I were looking to buy a property in Canberra.  We inspected many properties and read many building reports.  From a buyer’s point of view the most comprehensive and thorough report was the one done by Surety. It was detailed yet easy to read and understand and had images so we could readily see the problem or matter requiring attention.”

Phill Creaser, ACT Buyer

“You saved us buying a dud home with more issues that we would expect from a new build. You have opened our eyes and armed us with more knowledge for the future. Thank you!”

Glen, ACT Buyer

Contact us.

Property Works Pty Ltd Trading As Surety Property ABN 81 097 333 849
Call for a quote 7 days a week

Menu Title

Contact us

  • Enquiry and/or booking form

    Thanks for your interest in what we do. We promise to respond to you within 24 business hours. If you don’t receive a response from us within 24 business hours it means that something may have gone wrong in the cyber world. Please don’t hesitate to call us on 1300 767 741 to follow us up as your enquiry is important to us. Your information remains confidential and is never shared with a third party.

     

  • I want to...

  • (No payment details are required to complete this form)
  • The Inspection I'm interested in is...

  • Are you a

  • My details so you can get back to me quickly...

  • This field is for validation purposes and should be left unchanged.