Hi,
I live in the Ryde area. The average 3 bed house price is around $700K. I've noticed however that houses on busy main roads sell for up to $100K less than houses in quieter streets. I suspect that it is the difficulty/safety of getting in & out of the driveway that reduces value. (The noise problem is not that hard to overcome as many do with front brick walls, double glazing etc).
I was wondering if value could be added by providing rear driveway access to these properties via an easement. See the attached file. Notice how this long property could provide access to up to 6 main road properties. I could see 2 ways to make money on this. If you owned 1 of the main road properties it would add value. If you owned the rear property you could sell rights to use the easement e.g. 6 x $30,000 (have allow for cost of building driveway too).
Would like to hear peoples thoughts.
Lee.
I live in the Ryde area. The average 3 bed house price is around $700K. I've noticed however that houses on busy main roads sell for up to $100K less than houses in quieter streets. I suspect that it is the difficulty/safety of getting in & out of the driveway that reduces value. (The noise problem is not that hard to overcome as many do with front brick walls, double glazing etc).
I was wondering if value could be added by providing rear driveway access to these properties via an easement. See the attached file. Notice how this long property could provide access to up to 6 main road properties. I could see 2 ways to make money on this. If you owned 1 of the main road properties it would add value. If you owned the rear property you could sell rights to use the easement e.g. 6 x $30,000 (have allow for cost of building driveway too).
Would like to hear peoples thoughts.
Lee.