Real Estate

Buying a house that you can't see inside/and being sold with contents

  • Last Updated:
  • Apr 4th, 2018 3:55 pm
[OP]
Deal Addict
Mar 27, 2015
1200 posts
380 upvotes
Thornhill, ON

Buying a house that you can't see inside/and being sold with contents

This house has been empty for as long as I can remember. It was just listed today, being sold as is, no interior showings (due to safety concerns) and with all the contents included.
Its a corner lot. The house doesn't look that bad from the outside, I've seen worse.
Your opinions, please, on if this a good deal and a good idea to buy a property like this

https://www.realtor.ca/Residential/Sing ... anton-Park
12 replies
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Mar 23, 2008
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Edmonton
icantfigureoutausername wrote:
Apr 3rd, 2018 3:11 pm
This house has been empty for as long as I can remember. It was just listed today, being sold as is, no interior showings (due to safety concerns) and with all the contents included.
Its a corner lot. The house doesn't look that bad from the outside, I've seen worse.
Your opinions, please, on if this a good deal and a good idea to buy a property like this

https://www.realtor.ca/Residential/Sing ... anton-Park
Looks like you’re buying it for land value only. You could talk to the realtor to get the details about why that’s the case, but I wouldn’t expect it to be economically repairable. No matter how it looks on the outside.

There was a place down the street from our house that was being sold like that. The story we heard was that the owner did some structural “adjustments” without input from an engineer, leaving it unsound. From the outside, it looked fine. It got purchased by a developer, demolished, and the land was split into two lots. One of them is finally getting built on now, about 2 years later.

C
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Mar 23, 2008
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Just went to the link on my computer, which shows more detail than on my phone. Like I said... land value only, and you’ll be responsible for the demolition costs, which will increase you investment price before you can even start building. No idea if that’s a good price for a lot in that area.

C
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Feb 23, 2009
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Oshawa
Rather expensive for a small lot.
Deal Addict
Jan 15, 2017
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Most likely a former grow up. If it has been sitting empty for some time, then I understand why you cannot even enter for a showing. Would be a definite tear down.
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Sep 8, 2007
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Way Out of GTA
CNeufeld wrote:
Apr 3rd, 2018 3:26 pm
Just went to the link on my computer, which shows more detail than on my phone. Like I said... land value only, and you’ll be responsible for the demolition costs, which will increase you investment price before you can even start building. No idea if that’s a good price for a lot in that area.

C
The offset to the demo costs, is that you won’t have to pay the full development costs to the govt on a kick down / rebuild situation. In many cases out this way demo costs are much less than the development fee.

Newer rebuilds in that area look to go for north of 2mln so there is some margin to work with even at 900k.
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Jun 12, 2007
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skeet50 wrote:
Apr 3rd, 2018 3:59 pm
Most likely a former grow up. If it has been sitting empty for some time, then I understand why you cannot even enter for a showing. Would be a definite tear down.
+1, possible grow op or meth lab
Hazardous chemical residues or mold
Deal Addict
Jul 30, 2001
2860 posts
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GTA
Yup, you're buying this with the expectation that the next step is to run a bulldozer through it.
Deal Addict
May 18, 2015
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Ottawa,Ont
Please also keep in mind a tear down is very hard to get financing for
Deal Fanatic
Jul 3, 2011
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Thornhill
Estate sale, owned by 2 generations of one family for decades. Uncared for and derelict.

Not quite as sexy as all the visuals an illicit lab conjures up. But there you have it.
skeet50 wrote:
Apr 3rd, 2018 3:59 pm
Most likely a former grow up. If it has been sitting empty for some time, then I understand why you cannot even enter for a showing. Would be a definite tear down.
l69norm wrote:
Apr 4th, 2018 9:38 am
+1, possible grow op or meth lab
Hazardous chemical residues or mold
Deal Addict
Mar 14, 2006
1097 posts
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Toronto
Probably ppl buying for the lot only... They will demolish and build new house...
[OP]
Deal Addict
Mar 27, 2015
1200 posts
380 upvotes
Thornhill, ON
I don't think it was a grow op. Just a neglected property, as someone pointed out here.

The house across the street from my parents was owned and lived in by two brothers, who lived there for about 50 years and did nothing to it, including cleaning. By the time they moved out the house was deemed unsafe and potential purchasers were not allowed in. Hazmat suits were worn by the hoards of workers that the new owners paid to clean it out, they removed about 10 huge dumpsters full of stuff - some of it was probably quite valuable.

So its not always a growop situation.

Thx everyone for your comments.

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