I need those in the know to help me figure out whether to purchase a property on offer at the mo. I live in SE Qld and a property has become available in Burpengary for $245 000. It is in a middle income earning area, central to all ammenities. The general price in this estate is around $330 000. The house has 3 bedrooms and 1 bathroom. I was intending to turn the garage (which is already gyprocked ) into either a bedroom or study nook and media room and then putting up a double carport.
My dilemmas are: 1. How do I know whether my local council will permit the carport and change of garage space?
2. If I spend the approximately $15 000 on renos will I make my money back?
I’m kinda leaning toward buying it as the only properties in the area that are as cheap are town houses with no yard. This has a 836 sqm yard with side access.Please help me sort this!! [confused2]
Well I guess the council part is pretty easy look them up in the white pages and ask them what their protocols are? as they vary from one to the next that would be the only way to find out that I would know of.
You would need to do research in the area to find out what other properties have sold for in the area. This can be done by asking the local realestate agent whom may or may not be obliging. Or there are sites that have limited information re recent sales such as realestate.com.au and domain.com etc or others that you can pay for the information
http://homepriceguide.com.au/ have no idea what they are like just did a google search and the first one that came up.
Approach one of the local agents seem interested in a similar property and find out if such improvements would add value or be insignificant. This would vary somewhat from one area to another, speak to a couple of the neighbours may get some tips there as well.
Wayne Skewes
Mortgage Broker
Email [email protected]
http://www.eaussie.com.au/Mortgages/Aussie_Mortgage_Adviser.asp?ContentID=852280
Refinace, Loan Consolidation, Owner Occupied or Investment Finance. Free Service I come to you!Sounds great, but I would be wary about why the price is so much lower than similar properties. Do you know the reason?
Wylie
Hi Wylie,
Without looking at the property it is impossible to know why the price is so much less then other properties in the area. Their may be some problems with the house such as structurally, termites, plumbing etc..
Alternatively, the vendor is in a hurry to sell the property before Christmas and has just dropped the price. Maybe the figure is much lower to get buyers interested but they are expecting 10% higher. Talk to the real estate agent and find out a bit about the vendor and why they are selling, how long they have owned the property and whether their have been any problems with the house in the past.
Hope this helps. Unfortunately, anything I (or anyone else) says would be a guess because we haven’t looked at the property.
Cheers
Paul[suave2]
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