Hi guys and gals,
Hope everyone is having a lovely day!
I have a dilemma, so opinions please. Do I buy for the location or the land size?
House 1 is in Bayswater (Vic) large allotment, precedence set already in the street for 3 units, no overlays or easements (that I can find so far). Price is quite high for the area but has a large house which would be great for us to live in now and develop later.
House 2 is in Wantirna, overpriced, needs work and has been on the market for awhile. Also has an unfenced pool which I'd dig out. Probably add value through renovation but not really develop-able.
Bayswater, undergoing redevelopment, council has a strategic plan to 2020, newish shops in with the old, several primary schools and about 15-20 min walk to train.
Wantirna, established area, across the rd from Knox Shopping Centre which is now HUGE,cafes, restaurants etc, several primary schools, high school and private school in vicinity. No rail.
Prices are roughly the same, land size is about 200sqm smaller in Wantirna.
Any opinions?
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeHi DWolfe,
It sounds like you are not planning to live in this property for long but will develop/renovate and sell the property therefore you probably would look at potential growth in land value.
By the sound of it, the site in Bayswater fits all criteria for a profitable development given its size, location and potential growth. It sounds like a nice pick up for you as a developer! Whereas the Wantirna property would be more suitable for a family who's willing to do a bit of work, ready to move in and settle in that area for 5 or 10 years or so.
Tough choice, and no wonder you're in a bit of a pickle over this. Ordinarily, I would take location over everything else, at least to a certain extent. I also once read in an article about some 'expert' who stated that if you had to compromise because of budget, don't compromise on location. Compromise on land size.
If your family wanted to live in the place for a while, I'd also be guessing that Wantirna might be more comfortable than Bayswater, given the current existence of amenity and entertainment, and you could do up the house in the meantime. Plus, if the Wantirna house has been on the market for ages, the vendor may be ripe for negotiations so you can get a better price.
However, my suspicion is that the convenience and amenity has already been built into the price at Wantirna. Bayswater on the other hand, with a current stigma, has great potential for upside given the proposed redevelopment. People who are priced out of Wantirna and Heathmont (prices in these areas already are much increased) will probably head over to Bayswater (the ripple effect). In short, the only way for Bayswater to go is upwards, that's if current market conditions hold.
My uncle once made a joke about Dandenong when I once talked about buying there, and should have, only that I didn't have the money then. Of course, this joke is meant to taken as tongue in cheek, and not meant to offend those who live or have bought there: in a place dominated by robberies and witchcraft, things can only get better from here. And Bayswater could very well be the same.
Hi fda and fword
Yeah pain in the behind. I can buy sites till I'm blue in the face but when it involves us living there it is tricky. The other half is decidely excited about the house on the big block, I'm just excited about the big block lol. There is minimal profit in either deal at the moment (under $100k) so it is more of a base camp with a easy exit in 3-5 years.
Keep thinking unless I'm trumped by the other half putting in an offer
Thanks again for opinions! They are both dead on. fword, witches and robbers must have been at work today lol
D
DWolfe | www.homestagers.com.au
http://www.homestagers.com.au
Email MeDWolfe wrote:I can buy sites till I'm blue in the face but when it involves us living there it is tricky.This is something that would weigh heavily on my mind also, and a good reason to choose Wantirna over Bayswater. However it is likely that you are buying with the end result in mind.
DWolfe wrote:fword, witches and robbers must have been at work today lolHaha, where? In Bayswater or Dandenong?
Hi Dwolfe,
Not sure how well you know Bayswater or Wantirna but I would add the following.
Bayswater residents certainly don't feel like they are isolated from knox City as it has quick and easy access down Stud Road. From your description I am guessing that a walk to the Bayswater shops would be about 15 mins and parking convenience, unless using the local Safeway, isn't always the best.
The bus hub at Knox City is pretty extensive and well known by locals. Not so good for getting to the city though. Need to catch one to Bayswater or Boronia station – but I'm sure you know that.
Andrew
itsandrew
Go as far as you can see and you will see further.
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