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Buying the house next door

Discussion in 'Real Estate' started by Iphunt, 2nd Mar, 2013.

  1. Iphunt

    Iphunt New Member

    Joined:
    2nd Mar, 2013
    Posts:
    1
    Location:
    Melbourne
    The house next door is for sale is it worth considering? Simply for down the track for resale or redevelop opportunities. Combined mass is 1200 sq meters.

    Obviously needs to be right price but that also means we would be the "landlords" next door. Which is not so bad considering the dodgy owners we have now.

    Just random timing when we are on the hunt for our first IP.
     
  2. GregR

    GregR Reid Consultants

    Joined:
    13th Jul, 2009
    Posts:
    273
    Location:
    Berwick Vic
    It is worth doing the numbers on if it fits into your long term strategy.
    If you are interested in doing a development in the future, certainly consider but you need to make sure you have the funds to do this.
    What is the likelihood of council approval for a development?

    If it is to buy and hold as an investment, what is the potential rent yield and capital growth prospects? Will it advance your property portfolio or hinder it?

    Sometimes opportunities are so good that they should be grabbed, other times they are simply not worth the time and let them go through to the keeper.
    Good luck with it.
    Greg
     
  3. Terryw

    Terryw Well-Known Member

    Joined:
    9th Jun, 2006
    Posts:
    653
    Location:
    Sydney
    It may be still best to use a real estate agent to manage it even if it is next door. Otherwise the neighbours will be bothering all the time with petty requests...