Buying on budget!? is it possible?

[simbi99]

I have recently been pre approved for a loan with a buying price of $350,000 my plan is to buy a property which has the potential for subdivision in the future while being rented out in the mean time.
I was wondering what are some good suburbs to search in? i live in melbourne.

 

[D.T.]

Could buy 2 for that

 

[knightm]

I have recently been pre approved for a loan with a buying price of $350,000 my plan is to buy a property which has the potential for subdivision in the future while being rented out in the mean time.
I was wondering what are some good suburbs to search in? i live in melbourne.

Yes its possible to buy house on land with subdiv potential for that money. The question is where and will it meet your goals? Does where you live have anything to do with the preferred location for the property?

 

[dan_89]

I have recently been pre approved for a loan with a buying price of $350,000 my plan is to buy a property which has the potential for subdivision in the future while being rented out in the mean time.
I was wondering what are some good suburbs to search in? i live in melbourne.

Might want to be a little more specific.. Do some research, there's no magical location to invest.

Jump on realestate.com.au, punch in your requirements and have a look around. Either that or keep waving that magic wand!

 

[Brady]

I think buying with subdivision potential is excellent as I see this type of property has the highest demand. But are you asking is it possible to buy the property or develop it as well at some point?

Developing should be done with a budget, but needs to have room to move.

 

[jpcashflow]

Hi

Hi...

Deer park is an attractive area and with your budget you could find a suitable property.

The demand for these types of properties are sky rocketing!!

 

[simbi99]

So yeah i should have been a little more specific haha, of course its easy to find any old property with the potential for subdivision but what i was looking for in particular was a property in which the existing house can be kept and renovated rather than knocked over and rebuilt

 

[knightm]

So yeah i should have been a little more specific haha, of course its easy to find any old property with the potential for subdivision but what i was looking for in particular was a property in which the existing house can be kept and renovated rather than knocked over and rebuilt

Yes what I look for if this is the brief is:

1 enough sqmtr for dual occ or subdiv (varies with each council)
2 enough frontage for above too
3 level (possible to do on a slope buy why make things more complicated for your first one?)
4 corner blocks are great, if possible.
5 small house to front and to one side of the block
6 access handle wide enough to satisfy council (usually wider for subdiv than dual occ varies with council)
7 check location of easements - stormwater and sewer particularly

 

[strongy1986]

So yeah i should have been a little more specific haha, of course its easy to find any old property with the potential for subdivision but what i was looking for in particular was a property in which the existing house can be kept and renovated rather than knocked over and rebuilt

That is exactly what we look for

However not in melbourne...

There is too much competition for us

You can turn a 5% yield into 9% with either subdivision or an extra dwelling

If it's a corner block and the right area you can even transport one onto the block