Would you?

A hypothetical for the weekend:

If you spotted a run down house with heaps of land in a dog of an area would you still go for it if it had a heritage listing?

What if the purchaser would be entitled to a govt grant to restore it? Would that change your mind? Or make you pay more knowing the full cost of the works wouldn't come out of your pocket.

(I would have made it a survey but I am having a blonde moment).
 
I'm not sure the government grant would be a big help. I know a local house that is heritage listed, and I believe they get something like 20% towards work they do. It still has cost them a lot to maintain the property.

If it was in a good area with heaps of land that could be built on, I'd buy it. If it was in a dog area, then it would depend on what sort of money could be made by selling off some of the land.
 
Same as Wylie said.
I wouldn't expect one cent from the govt in these times, and as much as I'd love to live in a heritage house, I used to live in a dog suburb and I have no intention of going back to one.
 
A hypothetical for the weekend:

If you spotted a run down house with heaps of land in a dog of an area would you still go for it if it had a heritage listing?

What if the purchaser would be entitled to a govt grant to restore it? Would that change your mind? Or make you pay more knowing the full cost of the works wouldn't come out of your pocket.

(I would have made it a survey but I am having a blonde moment).

No-Way,,the dog area maybe quite different in 20 years time but the heritage listing will still be the same,plus the restore side of things how much control would you have with so many levels of interested parties having control over so many different areas of the rebuild..
 
No.

Heritage listings are even worse than any other restriction on a land (provided we are talking state heritage listing rather than local heritage listing).
 
No, I would not.
Another aspect to consider is resale, mention the word 'heritage' and many freak out. Rather the devil I know
 
We lived in a 100yo heritage listed house on 52 acres in Keysborough (dog of an area?) The developer had bought it, subdivided right up to the house and sold all the blocks off within hours of putting it on the market. They offered the house to us to buy but I wouldnt touch it with a barge pole. A they wanted too much, B the floor plan was wrong and to change it or even add an outdoor living area would require masses of paperwork. C it would cost a motza to renovate and people who wanted to live in that area couldnt have cared less about buying a heritage listed house, so no resale value. and D I sure as hell wasnt going to live in that suburb
 
I love old houses and land, so would look into as a PPR.

Depends on how run down the house is and on the heritage listing and the restrictions that are put on the house. Also can some of the land be subdivided.

Also depends on what you classify as a "dog of an area", where it is etc.

South Brisbane and Newtown in Sydney could have been classified as "dog of an area" years ago now they are sought after.

So if the land could be sub-divided it would definately be a "Buy and Hold" property.

Food for thought.
 
Heritage listing always makes buyers/investors jittery. However, the dog of an area could turn into a really popular area within the lifetime of the project so it really does come down to what you are personally willing to invest in it.
 
Is it profitable to do so

Isn't the real question, would it be profitable. Are your plans for it permitted (ie to break it up into smaller lots, and resell- or whatever your plans are). Or alternatively can your money be better spent making profit elsewhere.

Assumes of course that your intention to buy is to make money.

Questions should be, how much can I make, in how much time and for how much aggravation. All other questions should be to help answering one of these three questions
 
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