Block is 850sqm
Asking $180k
Agent claims it to be a tear down job, however, I think $20k will make it come up schmuck (new kitchen, new paint, new bathroom, new floors)
vacant block of land worth $165-$170k according to my research
a few doors down very well renovated sold for $270k in aug 2013 on a 915sqm block
a few doors down renovated sold for $330k in Jun 2013 on a 515sqm block (possibly an outlier)
Properties in the surround are about 600-700sqm in general and in original average condition sell anywhere from $180-$200k
Conservatively I think after a reno, it would be worth $240-$250k
BUT
even though block is big, House is heritage listed, and set very far back in the block, block is approx 20m front x 42m depth, setback of 8m due to street frontage, which means I have approx 20m x 17m including driveway to put a 2nd dwelling on
BUT due to heritage listted rear property, a simple townhouse at the front wont be approved and has to have 'character'
im looking to buy for either immediate equity gain through a reno and evenutally a dwelling at the front or selling off the land,
but im not too sure how this heritage classification is going to affect things,
im pretty excited about the size, and the fact it can be subidivided off, but think t hat the heritage makes it completely useless?
please put me out of my misery
Asking $180k
Agent claims it to be a tear down job, however, I think $20k will make it come up schmuck (new kitchen, new paint, new bathroom, new floors)
vacant block of land worth $165-$170k according to my research
a few doors down very well renovated sold for $270k in aug 2013 on a 915sqm block
a few doors down renovated sold for $330k in Jun 2013 on a 515sqm block (possibly an outlier)
Properties in the surround are about 600-700sqm in general and in original average condition sell anywhere from $180-$200k
Conservatively I think after a reno, it would be worth $240-$250k
BUT
even though block is big, House is heritage listed, and set very far back in the block, block is approx 20m front x 42m depth, setback of 8m due to street frontage, which means I have approx 20m x 17m including driveway to put a 2nd dwelling on
BUT due to heritage listted rear property, a simple townhouse at the front wont be approved and has to have 'character'
im looking to buy for either immediate equity gain through a reno and evenutally a dwelling at the front or selling off the land,
but im not too sure how this heritage classification is going to affect things,
im pretty excited about the size, and the fact it can be subidivided off, but think t hat the heritage makes it completely useless?
please put me out of my misery
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