http://www.realestate.com.au/property-apartment-vic-st+kilda-114561851
I went to the inspection for this property earlier in the week.
I have been pre-approved for a loan, but my upper limit is $350k purchase price. The agent said this property has been listed since January for $390k. Recently a pipe burst upstairs, flooded some of the walls and floor and the body corp had to fix it up, hence the reduced price.
Which I find a little odd. If they fixed it all up, then surely value would not have been effected?
Either way, the vendor is apparently very motivated.
So, hypothetically, lets say I could pay $350k for this. What do you think of it from an investment point of view?
I would buy with the intention of renovating and living in. If I like it, I might stay. If it makes more sense to then rent it out, I might do that as well.
The layout of the property is rubbish. I would plan to knock all the internal walls that I can (the curved one in particular) and open the back room out into the living room and have it flow out to the outdoor area. Move the kitchen as well, etc... etc...
It would be a substancial renovation if done well.
The outdoor area is on title, so I am told (yet to be confirmed by convayancer). The internal dimentions are just over 40m2, and the outdoor space is 25m2.
This is a big outdoor space for a property of this size. But I'm unsure how much value an external space like this adds to the property?
If it were just the internal dimensions for sale, then you would be looking closer to $300k I believe?
Being on title, how much freedom would I have to renovate the outdoor area?
Paving, tree removal, bbq, seating, awning etc...?
It's the wrong side of Grey street But the street is actually fairly nice, the surrounding properties are quite nice.
Thanks for any input. Excuse my long winded ranting as well.
I went to the inspection for this property earlier in the week.
I have been pre-approved for a loan, but my upper limit is $350k purchase price. The agent said this property has been listed since January for $390k. Recently a pipe burst upstairs, flooded some of the walls and floor and the body corp had to fix it up, hence the reduced price.
Which I find a little odd. If they fixed it all up, then surely value would not have been effected?
Either way, the vendor is apparently very motivated.
So, hypothetically, lets say I could pay $350k for this. What do you think of it from an investment point of view?
I would buy with the intention of renovating and living in. If I like it, I might stay. If it makes more sense to then rent it out, I might do that as well.
The layout of the property is rubbish. I would plan to knock all the internal walls that I can (the curved one in particular) and open the back room out into the living room and have it flow out to the outdoor area. Move the kitchen as well, etc... etc...
It would be a substancial renovation if done well.
The outdoor area is on title, so I am told (yet to be confirmed by convayancer). The internal dimentions are just over 40m2, and the outdoor space is 25m2.
This is a big outdoor space for a property of this size. But I'm unsure how much value an external space like this adds to the property?
If it were just the internal dimensions for sale, then you would be looking closer to $300k I believe?
Being on title, how much freedom would I have to renovate the outdoor area?
Paving, tree removal, bbq, seating, awning etc...?
It's the wrong side of Grey street But the street is actually fairly nice, the surrounding properties are quite nice.
Thanks for any input. Excuse my long winded ranting as well.