Would you buy this?

[coolie21]

A little help for a newbie please. We have in our sights as an IP a house that the owners have fully renovated after buying it at the top of the boom and have probably overcapitalised. The house and yard are beautifully presented and are low maintenance. Buyers are put off this property (I think) because there is another house on a block behind, and there is a shared drive. Would this put people off buying it if the price was right? Rental return would be 5-6%. It would be a buy and long tem hold proposition.

thanks for any comments

 

[The Y-man]

Whose title is the driveway on, or is it common property?

Also, rember that that a good reno can hide a lot of serious problems...

Cheers,

The Y-man

 

[coolie21]

Whose title is the driveway on, or is it common property?

Also, rember that that a good reno can hide a lot of serious problems...

Cheers,

The Y-man

It is on the title of the property for sale. The house is set back and mainly to one side of the block, facing 90 degrees to the street. The drive goes in front of the house and bisects off a bit of the block, on which stands a triple carport (see attached)


Having talked to the neighbours, I think the reno is pretty genuine, ie not a quick reno and sell. The owners did it all right after purchase and have lived in it for 2-3 years

 

[Simon]

I must admit to be not so keen on subdivided blocks. That easy maintenance aspect sold by the REA means small land value to me.

How does it compare in price to a similar property on an original block?

That's what I would be looking at first.

 

[coolie21]

Thanks for replies. We have a shortlist of 4 properties for our 1st IP and I must admit to first time buyers paralysis as I mull over the +'s and -'s of each. Nobody said this was easy....