Buying neighbours House

[kereninotech]

Hi All,

Just need your advice on this, neighbour is selling the house and i have discussed with him but we can't agree on price at the moment, RP data shows around 40K less than what neighbour is asking for. The Property will be my first IP.

What I’m after is pros and cons of buying IP next to PPOR? Also what is involved in settling it privately without Agent, neighbour doesn't want to involve real state agent.

Your help is appreciated.

 

[eXc]

Not investing as yet, but my first thought is if I found out my landlord was next door, I may not move in. Of course if we got along and I found out after moving in....

The other problem I see is how you will cope if they start doing things you don't like, and you see it 'everyday'. Ie. not maintaining lawns etc. Some will see that as an advantage...others will see it as stressful

 

[datto]

I like the idea. You can keep an eye on the property. Easy to assess repairs and DIY (save $). So what if they know you live next door. They may be more well behaved.

Furthermore, you have effectively doubled the size of your land. Great for selling to a developer or developing yourself.

 

[beachgurl]

I recently rented a house and the landlord lived next door. Admittedly I only found out once I'd moved in and probably wouldn't have moved in had I known earlier. He loved his house and continued to do the lawns and the general maintenance if needed. Sometimes I felt like he had to cut the cord but generally it was fine. At least the house was always in good condition.

 

[Doovalacky]

For me I would consider that too close.
1 for seeing what your tenants are doing and them claiming harassment etc
2nd for them popping around every 5mins wanting something.

 

[kereninotech]

Thank you all, great feedback so far specially from tenants Prespective.

 

[nhg]

I have two mates who own houses all the way along their street.

Never been an issue, as for knowing the land lord is next door, if you go through an agent, shouldn't be an issue.

This is assuming you can restrain yourself from babying your property. When my tenants don't pay up, I still go and do work in the area, we see each other, wave and stay friendly, it's my PM's responsibility to be the bad guy.

 

[TMNT]

I guess thats a great way to get rid of problem neighbours,

just buy them out!!!! like microsfot

 

[kereninotech]

The other thing is will it be fine if we don't have to go via Real-estate Agent? Haven't dealt with seller directly before so not sure what is involved.

Current Neighbour is great, i'm conserned about the Next one

 

[kathryn d]

We have tenants that are neighbours (we self manage)
We've never had a problem.
If they have a maintenace issue, we fix it.
We wave and don't bother them. We've never had issues to complain about..so far.