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... I also asked for a rental guarantee for 650/week and got it for 12 months, so there's that... the rea is confident they can get that so I may use them as my property manager. ...
They're putting in the 12month rental guarantee into the contract guaranteed by the vendor (REA asked them after I asked).
Only you can answer this question.Update: granny flat was council approved as a granny flat, went directly to the council.
The rental guarantee wasn't offered, it was given after I requested for one.
I'm confused, where's the downside? This place is positively geared from the start, there aren't many landed properties that are. The gross land value is roughly analogous to what I've seen cleared at the auctions and on the market. If land is what appreciates then this has it, maybe not massive but still has the same potential of land at 600-700sqm, because now if these size blocks of land can used for duplex development. The granny flat is already built so I don't have to wait for who knows how long to build a granny flat on another property. The main place recently renovated so once again can be immediately rented out. On other properties I'd have to purchase the place, spruce it up for renters or build the granny flat, all the while paying the mortgage at $500/week.
Let's say this: if I had a choice between this property @ $550k, versus the same property except unrenovated and without a granny flat for $500k, which should I take and why?
Edit: sorry to add to a long reply, but isn't this better than an equivalent $550k unit with $650/week rent? Which, I might add, is not easy in Sydney either.
Update: granny flat was council approved as a granny flat, went directly to the council.
The rental guarantee wasn't offered, it was given after I requested for one.
I'm confused, where's the downside? This place is positively geared from the start, there aren't many landed properties that are. The gross land value is roughly analogous to what I've seen cleared at the auctions and on the market. If land is what appreciates then this has it, maybe not massive but still has the same potential of land at 600-700sqm, because now if these size blocks of land can used for duplex development. The granny flat is already built so I don't have to wait for who knows how long to build a granny flat on another property. The main place recently renovated so once again can be immediately rented out. On other properties I'd have to purchase the place, spruce it up for renters or build the granny flat, all the while paying the mortgage at $500/week.
Let's say this: if I had a choice between this property @ $550k, versus the same property except unrenovated and without a granny flat for $500k, which should I take and why?
Edit: sorry to add to a long reply, but isn't this better than an equivalent $550k unit with $650/week rent? Which, I might add, is not easy in Sydney either.
Update: granny flat was council approved as a granny flat, went directly to the council.
The rental guarantee wasn't offered, it was given after I requested for one.
I'm confused, where's the downside? This place is positively geared from the start, there aren't many landed properties that are. The gross land value is roughly analogous to what I've seen cleared at the auctions and on the market. If land is what appreciates then this has it, maybe not massive but still has the same potential of land at 600-700sqm, because now if these size blocks of land can used for duplex development. The granny flat is already built so I don't have to wait for who knows how long to build a granny flat on another property. The main place recently renovated so once again can be immediately rented out. On other properties I'd have to purchase the place, spruce it up for renters or build the granny flat, all the while paying the mortgage at $500/week.
Let's say this: if I had a choice between this property @ $550k, versus the same property except unrenovated and without a granny flat for $500k, which should I take and why?
Edit: sorry to add to a long reply, but isn't this better than an equivalent $550k unit with $650/week rent? Which, I might add, is not easy in Sydney either.
It's not a bad return at all, but with value adding done by the seller (Reno plus flat) is there any left for you to make?