If you were to find a property which was priced below market value (say by 50k), but it was in an area which might not have the best potential for growth, would you still go for it?
Im asking because ive just made an offer on a property in Port Pirie S.A. Anyone invested, or thinking about investing there?
The property itself is quite undervalued, and has been recently 'upgraded'- so newish kitchen, very tidy and completely rentable. Only issue with the property is that it may have rising damp which I know can be expensive to treat (Building report will confirm this for me im hoping)
Through a little due diligence, ive uncovered that the areas biggest industry, a lead smelter, could be facing closure, for a number of reasons.
There is also quite a few properties on the market that are listed very cheap (under 100k) which seems to be well under the median. Do you think this is a case of lots of 'bargains'? or would you assume investors are trying to sell because the area is showing negative signs?
Any help/opinions greatly appreciated
Alex
Im asking because ive just made an offer on a property in Port Pirie S.A. Anyone invested, or thinking about investing there?
The property itself is quite undervalued, and has been recently 'upgraded'- so newish kitchen, very tidy and completely rentable. Only issue with the property is that it may have rising damp which I know can be expensive to treat (Building report will confirm this for me im hoping)
Through a little due diligence, ive uncovered that the areas biggest industry, a lead smelter, could be facing closure, for a number of reasons.
There is also quite a few properties on the market that are listed very cheap (under 100k) which seems to be well under the median. Do you think this is a case of lots of 'bargains'? or would you assume investors are trying to sell because the area is showing negative signs?
Any help/opinions greatly appreciated
Alex