Hey all,
I just wanted to take people's opinion as I am lookin at making my first IP deal.
An old house sold privately came up a few blocks down from where I live, and I think I can make a bit of money if I can buy it at the right price. Its a very old house, and will need to be demolished and rebuilt. I have never done anything like this before so wats the best way of doing things.
1. Should I get a valuer in to tell me how much the house is worth, and how much a brand new house on there will be worth (thats wat I see them doing on the show property ladder)
2. Since its an IP, do you think that a builder group like masterton would be a good option?
3. Wat hidden costs should I factor in to see if its worth it?
Thank you so much for your help, It will be greatly appreciated.
I was expecting a few replies by now !
I guess I just want to know what is my next step, Should I get a valuation done on the property. The problem the suburb doesnt have alot of sales and I am finding it hard finding anything remotely similar thats currently for sale.
Any responses would be greatly appreciated
Seems pretty straight forward, all you need to do is get prices for demolition and removal of scrap, quotes for a new house and then compare costs with what you think you will be able to sell it for………you will either be loking at a profit or loss, weigh up if the possible profit is worth the percieved risk-simple.
If the suburb you are looking at doesnt have a lot of sales would this indicate you will have trouble selling also?
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