Hi
My fiance and I are living with his mum in West Sunshine, in a dump of a house on a corner block. The block itself is triangular in shape, dont know the size though.
Originally, we were thinking of buying the house off my future mother-in-law, but when we thought about all of the work that has to be done to it, we thought it would not be wise.
I've started doing some minor research into the area, as a few ideas have recently popped into my head. Are any of you able to provide me with info on the area of West Sunshine, or where I could find out about average weekly rent, % of population that rent there et....
One of my ideas is to purchase my m-i-l's house, then spend about $10,000 doing it up (without over capitalising of course), getting the place re-valued and then using the equity to buy an IP.
I don't want to live in West Sunshine for very long as it is not my cup of tea, but if it means I will be better off in the long run, I can put up with the junkies and gangs for a bit longer
The positive is that we could get the property at a good price because of the state that it is in : the backyard is full of mud thanks to our pet dog; need new carpet throughout the entire house; there is a seperate room for the bathroom & shower so want to knock the wall down; needs to be painted; needs new fencing; need to pretty-up the front yard; needs new guttering; the roof needs to be repaired. The structure of the house seems okay. The area is full of almost identical houses because the government built them for sailor's families etc...
A house a few doors down (much smaller and not nice inside) didnt sell. The highest bid was $182k. Another house down the other end of the street sold for $210k and it was in a very nice condition.
Another plus: they are building a new Bi-Lo in the Avenue (the area behind where we are in West Sunshine); close to primary school & high school. The area is quite high in renters (judging by the interesting characters around, doubt they would have the money to buy!).
Minuses: Sunshine Plaza, market square and the other major shops in Sunshine are a 5 minute drive. Thats not far, but it isnt the most convenient. To get to the train station must also drive 5 mins.
What are your thoughts?
My fiance and I are living with his mum in West Sunshine, in a dump of a house on a corner block. The block itself is triangular in shape, dont know the size though.
Originally, we were thinking of buying the house off my future mother-in-law, but when we thought about all of the work that has to be done to it, we thought it would not be wise.
I've started doing some minor research into the area, as a few ideas have recently popped into my head. Are any of you able to provide me with info on the area of West Sunshine, or where I could find out about average weekly rent, % of population that rent there et....
One of my ideas is to purchase my m-i-l's house, then spend about $10,000 doing it up (without over capitalising of course), getting the place re-valued and then using the equity to buy an IP.
I don't want to live in West Sunshine for very long as it is not my cup of tea, but if it means I will be better off in the long run, I can put up with the junkies and gangs for a bit longer
The positive is that we could get the property at a good price because of the state that it is in : the backyard is full of mud thanks to our pet dog; need new carpet throughout the entire house; there is a seperate room for the bathroom & shower so want to knock the wall down; needs to be painted; needs new fencing; need to pretty-up the front yard; needs new guttering; the roof needs to be repaired. The structure of the house seems okay. The area is full of almost identical houses because the government built them for sailor's families etc...
A house a few doors down (much smaller and not nice inside) didnt sell. The highest bid was $182k. Another house down the other end of the street sold for $210k and it was in a very nice condition.
Another plus: they are building a new Bi-Lo in the Avenue (the area behind where we are in West Sunshine); close to primary school & high school. The area is quite high in renters (judging by the interesting characters around, doubt they would have the money to buy!).
Minuses: Sunshine Plaza, market square and the other major shops in Sunshine are a 5 minute drive. Thats not far, but it isnt the most convenient. To get to the train station must also drive 5 mins.
What are your thoughts?
