Mortymoose
Honorary Master
In the coming months, I am going to have to buy an old mine building.
The mine is trying to offload it's old buildings as they have become severe liabilities and have no bearing on their core business.
The buildings were built around 1956-59 and were meant to be standing for the lifespan of the mine at that time 30 years....
After 56 years the buildings, standing along the west coast of the Namib desert, the mine now has given the current tenants the option to purchase...
The mine brought in an appraiser from the capital who had never been to this mining town and he did valuations on all the buildings..... he came up with astronomical values for these old buildings...... and the mine calls each business owner in and demanded the value that was given to them....
However what the mine fails to see , is the actual physical deprecation of the building..... the rotten walls, falling ceilings, ancient electrical wiring.....etc......
The valuator excuses himself on the last page of each valuation by stating.......
"We emphasize that we have not carried out a structural survey of the improvements, nor have we examined them for signs of timber infestations, and accordingly , cannot be responsible for possible defects..." /
How on earth can the mine accept such a valuation without considering the major factor in determining the value.... the quality of the infrastructure......
This got me to thinking, "what is the actual realistic lifespan of electrical wiring in a building?" ...I googled that in the States, the average house wiring (pvc) lasts from 25 years to 40 years before it needs to be replaced.....
I estimate that to replace the wiring in this building will cost at least 1.5 million and take about 18 months to complete...
My question being.... In the grand ol republic, is there a law that states wiring needs to be replaced after a certain amount of years....?
Do you know what is considered that right time (in years ) when one should be looking at replacing the electrical wiring in a building.....
Cheers
M
The mine is trying to offload it's old buildings as they have become severe liabilities and have no bearing on their core business.
The buildings were built around 1956-59 and were meant to be standing for the lifespan of the mine at that time 30 years....
After 56 years the buildings, standing along the west coast of the Namib desert, the mine now has given the current tenants the option to purchase...
The mine brought in an appraiser from the capital who had never been to this mining town and he did valuations on all the buildings..... he came up with astronomical values for these old buildings...... and the mine calls each business owner in and demanded the value that was given to them....
However what the mine fails to see , is the actual physical deprecation of the building..... the rotten walls, falling ceilings, ancient electrical wiring.....etc......
The valuator excuses himself on the last page of each valuation by stating.......
"We emphasize that we have not carried out a structural survey of the improvements, nor have we examined them for signs of timber infestations, and accordingly , cannot be responsible for possible defects..." /
How on earth can the mine accept such a valuation without considering the major factor in determining the value.... the quality of the infrastructure......
This got me to thinking, "what is the actual realistic lifespan of electrical wiring in a building?" ...I googled that in the States, the average house wiring (pvc) lasts from 25 years to 40 years before it needs to be replaced.....
I estimate that to replace the wiring in this building will cost at least 1.5 million and take about 18 months to complete...
My question being.... In the grand ol republic, is there a law that states wiring needs to be replaced after a certain amount of years....?
Do you know what is considered that right time (in years ) when one should be looking at replacing the electrical wiring in a building.....
Cheers
M
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