I have sign the contract subject to certain condition. The property is in Hobart (Gagebrook). Now, I knew there is repair required but I have got estimated cost from one of the agent in Hobart and according to them the repairs would be about $6000. The cost of the property is $73000. Now when agent went their the neighbours said that they will get rid off anyone come to live their !!
Should i still buy this property?????pls pass your intelligent comments on what I should – the neighbours are really hard (Housing Commission)….
Hi Viralk,
Basically I see three choices.
1. Go see the neighbours and check them out. See if they are as tough as the agent says they are.
2. Buy the property and hope the neighbours aren’t as bad as they have been made out.
3. Run a mile from this property.If you take choice 2 and it turns out to be true about the neighbours you will be stuck with a property that you can not rent out or sell, thus sapping your money. I personally would opt for option 3, could not be bothered with the hassle even if it wasn’t true, there must be something going on.
Your call, but good luck
Adam
[8D]Knowing that you have repairs to pay I would suggest that you renegotiate the price.
Perhaps even factor in some more for the neighbours [
]You would be surprised what you can do if you try!
Good luck,
Simon Macks
Mortgage Hunter
[email protected]
0425 228 985By the place and offer the neighbours a vendor finance. They seem to have taken an interest in the property, I know Steve could find a win/win outcome!!
Maybe you should go visit them(the neighbours). Put on a carton and talk to them. They would probably appreciate that if you could relate to them(assuming they like a drink). See what it is they don’t like about your property.
If that fails run for the hills.
nu gen
Hi Viralk
the last thing you want is a property that will cause you problems.
The idea is the aquire properties that will make cash not buy empty (unletable properties).I have owned a house in a similiar area of Tas (clarendon Vale), some areas of Tas are real bad. This property caused me more issues than all the rest combined (i owned 10 at that time). I know a good property manager in Tas she may be able to give you good advice.
Personally i’d walk away
westanThank you very much for your responses guy. I don’t live nearby so I will not be able to talk to neighbours but agents can. Let’s see what we can do – i am renegotiating the price 4000 less. but still let’s see how it goes.
From my perspective the risk would be $1000 – as it i could rent it for 6 months or $20 less than market rent then also I loose $500 to 1000 a year but as we all know that hobart is booming and to get a house for 70000 is a good buy…THIS IS WHAT I THINK –pls.pls. let me know what you guys think about my view.
regards,
viralThank you very much for your responses guy. I don’t live nearby so I will not be able to talk to neighbours but agents can. Let’s see what we can do – i am renegotiating the price 4000 less. but still let’s see how it goes.
From my perspective the risk would be $1000 – as it i could rent it for 6 months or $20 less than market rent then also I loose $500 to 1000 a year but as we all know that hobart is booming and to get a house for 70000 is a good buy…THIS IS WHAT I THINK –pls.pls. let me know what you guys think about my view.
regards,
viral
Hi Viralkthe last thing you want is a property that will cause you problems.
The idea is the aquire properties that will make cash not buy empty (unletable properties).I have owned a house in a similiar area of Tas (clarendon Vale), some areas of Tas are real bad. This property caused me more issues than all the rest combined (i owned 10 at that time). I know a good property manager in Tas she may be able to give you good advice.
Personally i’d walk away
westanVilka
If I was in that situation, I’d definitely hop on a plane and go and have alook at the property & neighbours myself. It not that I don’t trust the Agent, it just you need to think about the downside, if your neighbours are going to give you trouble you might find it hard to get a tenant for a long period, also the $ 6,000 worth of renovations may cost you alot more have you had an individual inspection done or are you taking the word of the Agent.(carefull)
If you don’t take added precautions you could end up with a nightmare,so get on that plane and see the agent & house ask question, even visit the so called horrible neighbours, also ask the agent why did the last people sell up??etc.
Good luckDon’t rely on agents to go on a fact finding mission for you.
Agree totally with above,if the area is no good, walk away, there will be plenty of other deals, maybe thats why the house is so cheap.go to Tassi and while you are there look for other properties….you might find a better one![8D]
Not to offend anyone but Gagebrook is considered by locals to be a really bad area. It is a good price considering how things have taken off, but you need to balance that against the fact that only people already in that area will want to live there.
Why don’t you contact some of the central Hobart agents and ask their opinion of the area and its prospects?
PB
hi Viralk
i want to stress my warning to you some areas of hobart are real bad.
let me tell you how bad
Rokeby they had to rent houses to the police for $1 a week to encourage them to live there in the hope it would help the area
Clarendonvale the police station was burnt down and never reopened.
some insuance companies wont even give you an insuance policy.
i would check it out real carefully, i didn’t have one good tenant in 4 years. The adventures included bombed/burnt out cars in the drive way, tenants who didn’t pay rent, tenant who did $5,000 damage to the property. Do you want this sort of fun?
i wouldn’t warn against any other area i own properties. areas i own in include Elizabeth SA, Smithfield plains SA, Morwell Vic. There is not one area in Victoria i would say compares to some areas of Hobart.
westanHi viralk,
Please please remember that agent does not work for you. He works for the seller, his job is to get the best possible price for property.
This may help you make your decisions given the other feedback posted so far.
Good luck!
Thanks Kavita! I been there and I had a look the property – there is nothing you can find for 70000 in Hobart now. and it must have already gone up now as well. i am confused but let’s see how I go!!
go to Tassi and while you are there look for other properties….you might find a better one![8D]Thanks guys and especially westan for your inputs. I have to be very careful now – i guess. I have not relied on one agent but asked about two to three agents and they all have said neighbours is the problem but they will be able to rent it out….but can’t rely on them…
hi Viralki want to stress my warning to you some areas of hobart are real bad.
let me tell you how bad
Rokeby they had to rent houses to the police for $1 a week to encourage them to live there in the hope it would help the area
Clarendonvale the police station was burnt down and never reopened.
some insuance companies wont even give you an insuance policy.
i would check it out real carefully, i didn’t have one good tenant in 4 years. The adventures included bombed/burnt out cars in the drive way, tenants who didn’t pay rent, tenant who did $5,000 damage to the property. Do you want this sort of fun?
i wouldn’t warn against any other area i own properties. areas i own in include Elizabeth SA, Smithfield plains SA, Morwell Vic. There is not one area in Victoria i would say compares to some areas of Hobart.
westan
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