Hi all,
We were out pounding the streets again on Saturday and would like to put an offer in on a place we saw.
We’re keen to move quickly, as it has a lot of potential, has only been on the market for 4 days an already had an offer on Friday, (which was withdrawn later that day as the purchasers own house sale fell through).
The house is 5 minutes walk from schools, station & shopping.
Asking Price is $349k with rental expectation of 300-320 per week. It a very small 3 bed, but tidy and has recent kitchen.
The draw card is that it is on a 17.7 x 48.7m block. The current house is in the front right corner, with a driveway down the whole left side to a tandem garage at the rear left corner. It looks like a great sub-divide potential without having to demolish the existing house.
At the moment, behind the house, is an enormous shed & workshop.
We’d like to put in an offer in the low 300’s, we’d like to make it work on the rental figures alone without taking into account potential to sub divide as it may not be possible anyway.
The problem is, the REA does not have the section 32 yet. I’m a bit worried that it will go under offer before we get chance to lay our hands on a copy.
Would we be stupid in putting a lowball offer in without first seeing the section 32? Coming from the UK and having not bought an existing house here before, I don’t even know what we should be looking at on a section 32.
I’m going to give the council a call this morning to see what their thoughts on sub-dividing this block would be, or to ask I there has even been a sub-division request put in previously. It looks like an ideal division; the 2 blocks next door would have been of similar size originally, it looks like they had been bought together and had 6 units spread across them, 3 up each side with a central driveway. By my reckoning, sub-dividing this block would give a rear area of about 380m2 to build on, (excluding driveway access down the side of the existing house. The existing house has enough room at the front for a carport to then service that house.
Being our first IP, I just don’t know if it is too much of a gamble? I like the idea of having the sub-division potential as I am really interested in having a go at that, and building ourselves on the block. If we could get it for the right price it stacks up close to most of the other house we have looked at anyway in terms of gross yield, so sub-division would be the icing on the cake.
There are still a few great buys around this area at the moment though, but it’s a gamble as they get snapped straight up. At the moment, we’re thinking an offer on this one would be a good idea regardless of whether we could sub-divide – as long as we could get it for the right price.
So, it's just the lack of a section 32 at the moment that is off-putting.
I’ll chase the agent this morning to see when they think they can get hold of it, and in the mean time we’ll have a think about what we would put in as an opening offer.
Cheers.
We were out pounding the streets again on Saturday and would like to put an offer in on a place we saw.
We’re keen to move quickly, as it has a lot of potential, has only been on the market for 4 days an already had an offer on Friday, (which was withdrawn later that day as the purchasers own house sale fell through).
The house is 5 minutes walk from schools, station & shopping.
Asking Price is $349k with rental expectation of 300-320 per week. It a very small 3 bed, but tidy and has recent kitchen.
The draw card is that it is on a 17.7 x 48.7m block. The current house is in the front right corner, with a driveway down the whole left side to a tandem garage at the rear left corner. It looks like a great sub-divide potential without having to demolish the existing house.
At the moment, behind the house, is an enormous shed & workshop.
We’d like to put in an offer in the low 300’s, we’d like to make it work on the rental figures alone without taking into account potential to sub divide as it may not be possible anyway.
The problem is, the REA does not have the section 32 yet. I’m a bit worried that it will go under offer before we get chance to lay our hands on a copy.
Would we be stupid in putting a lowball offer in without first seeing the section 32? Coming from the UK and having not bought an existing house here before, I don’t even know what we should be looking at on a section 32.
I’m going to give the council a call this morning to see what their thoughts on sub-dividing this block would be, or to ask I there has even been a sub-division request put in previously. It looks like an ideal division; the 2 blocks next door would have been of similar size originally, it looks like they had been bought together and had 6 units spread across them, 3 up each side with a central driveway. By my reckoning, sub-dividing this block would give a rear area of about 380m2 to build on, (excluding driveway access down the side of the existing house. The existing house has enough room at the front for a carport to then service that house.
Being our first IP, I just don’t know if it is too much of a gamble? I like the idea of having the sub-division potential as I am really interested in having a go at that, and building ourselves on the block. If we could get it for the right price it stacks up close to most of the other house we have looked at anyway in terms of gross yield, so sub-division would be the icing on the cake.
There are still a few great buys around this area at the moment though, but it’s a gamble as they get snapped straight up. At the moment, we’re thinking an offer on this one would be a good idea regardless of whether we could sub-divide – as long as we could get it for the right price.
So, it's just the lack of a section 32 at the moment that is off-putting.
I’ll chase the agent this morning to see when they think they can get hold of it, and in the mean time we’ll have a think about what we would put in as an opening offer.
Cheers.