Property near an electricity distribution centre
- Thread starter giraffez
- Start date
My rule is if you can see the centre from the property you wish to purchase then stay far away.
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If this is within 100m then yes, it's a major problem. LMI will most likely be rejected which means that you and potential buyers in the future will only be able to purchase if they have a 20% deposit.
Stay away.
Stay away.
LMI = Lender's Mortgage Insurance
If you can see it then I wouldn't. They don't make a good view and although they are lovely quiet neighbours who knows what potential health concerns there might be - I also don't buy near those mega high duty power pylons.
he girrafez this property doesn't happen to be on sydneys northern beaches does it?
It's all about perception. Everyone will see it when you want to sell/refinance so you will always have issues with its marketability. Plus no one will go over 80% on it in terms of loan so it's really a dud.
Here is an example.
http://www.realestate.com.au/property-townhouse-vic-mordialloc-111966147
Its been on the market for a while too.
http://www.realestate.com.au/property-townhouse-vic-mordialloc-111966147
Its been on the market for a while too.
Some industrial usages want to be as close as possible to the substation, that way there are less losses before the power gets to your building (esp if you want over 200 amps/phase).
Mortgage insurers don't want to touch them.
Just look at the predominate negative views in this thread, extrapolate this across the community. Should something happen and the property is repossessed, there is a higher risk of difficulty in selling and or reduction in price.
It's not the banks... The banks do not necessarily care but the insurers see high voltage power as a risk and thus will not ensure the bank so the bank will only lend 80%.
