When Jeff and Val Wareing decided to buy an investment property to help fund their retirement, they had no idea how quickly their property ownership dream would unravel into a financial nightmare.
In 2003, Jeff and Val Wareing decided to buy an investment property with a view to subdividing the land and developing a dual occupancy. They selected North Turramurra in Sydney, and after thoroughly researching the market throughout 2003, they found a property that ticked all the boxes; it was situated on a large block of land, was within their budget, and had sufficient space to subdivide.
The Wareing's put in an offer to purchase and exchanged contracts on December 19, 2003. Shortly afterwards, however, all of their carefully laid plans went out the window.
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