Hi looking for some opinions on purchasing a older style house on a 865m2 block on a main road vs a newer style house on a smaller block.
The older style house would be to live in as PPOR with future knock down and build a new home. or stay in the new house but with small land content.
What are your thoughts. I particularly don't like main roads but this is reasonably price old style house with big back yard for kids etc and future subdivision potential.
I'm debating the exact same thing. I could go with a smaller newer property on a smaller parcel of land or a larger much older porperty that probably needs some work done to it although comes with a large block of land.
I would like to sub divide the land, possibly have three subdivisions from the one block of land, but I don't think I would have the funds to do that for a very long time. First of all, knocking down an old house could cost a fortune. If there is asbestos in the property you'll have to get specialists to come in and do the demolition and that could up to $20,000. Subdivision alone could also cost heaps, probably somewhere in the order of $50,000 to $80,000.
Have a think about all these costs and see whether subdivision still seems like an attractive option.
I like the old house with subdividable section best from an investment perspective because you are creating a "twist" that you can do something with the property when the market improves. Or you could just add a minor dwelling on the back and rake in rent now and deal to subdividing later on (if this is allowed in the area).
Vicky
Pos
This is only my opinion. I don't like main roads ether. Think of the kids playing on the road??? My friend has a house just under a free way over pass, goes passed his bedroom window. I always think of the potential danger of a car coming of the road and into the bedroom or lounge. Hey, its your PPOR you want to enjoy it. If you don't like main rds. don't buy on one as you will always hear the traffic even if it not that loud.Cheers
T………….
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