Hey Guys,
Just wanted to run something buy you all. I’ve seen a house for sale on the Gold Coast, it’s a private sale and needs some work done on it. It’s a three bedroom house and they want $150,000. The problem is that its right on an expressway.
I was just wondering if anyone has ever brought near to an expressway and how you went? Did you find tenants or would it best to stay away.
I believe this is a great investment and my husband can do all the renovation work. Nothing major needs fixing. It’s just the road is putting me off a bit.
Cheers All,
Ems [biggrin]Hi Ems,
Don’t do it!!!!I am a real estate agent in Sydney and in my experience of selling over the last 6 years, the closer a property is to a busy road, the harder it is to sell and the cheaper people want to buy it for. The same applies to renting it out. I have 5 investment properties in Sydney and a rule of thumb that I follow is “IWould I happily live in this house in this location, if not, don’t buy it”
Ems, would you live in the house?
Good luck, let us know what you decide.
LindaI would not give up on it that quick. Do some research.
If you live reasonably close, go past at different times of the day and find out how noisy the expressway is.
Maybe you can think of ways to reduce the noise/view with a noise reduction fence (eg rendered straw bales).
Talk to the neighbours. See who is renting and who bought. How much are the renters paying and how are they affected by the expressway.
A friend of mine lived right in the flightpath about 500m from Adelaide airport. Every 5 minutes you had to stop the conversation for about 20 seconds. It drove me crazy, but he did not mind at all.
My brother used to live about 3m!!!! from the main rail line on the Rhine in Germany. Again the house shook every few minutes, he still lived there for well over five years.
I think the approach ‘would you like to live in this house’ is wrong. An example may be that you love pink houses. Would you try to sell one? Not if you want to get maximum returns.
Find out as much as possible about the house, the area, etc.
Make a list of pluses and minuses. Find out how much rent you can reasonably expect to get. Do your figures. Steve McKnight gives you several formulas in his latest book that really help.
Remember fall in love with the deal, not the house.
Whatever you decide to do, Good Luck
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