Investment property with covenant

Hi there,

I am buying in Wodonga VIC. I am interested in two properties and found both have covenants.

One of two has this as below, I will not erect or cause or suffer to be erected upon any portion of the land hereby transferred within a distance of twenty five feet from the street boundary any fence and upon the residue of the land hereby transferred any fence having a height greater than five feet six inches….etc (1981)

The other one is the purchasers shall not at any time hereafter build, construct or erect or cause to be built, constructed or erected on the said lot sold, any buildings other than one dwelling house constructed of new materials and having a total area of not less than 100 m square together with a garage or other usual outbuildings and such buildings shall have external walls of bricks, stone or similar materials or glass and incorporating the use of timber, provided that such timber used shall not exceed 25% of the total external wall areas.. etc.. (1989)

My solicitor explained it would be a headache to remove the covenants for further potentials. Anyone had similar issues? Would you invest in properties with covenants?

Cheers,

 

I don't plan to break the terms of the covenant now but it would be better to have more control of my assets for better capital gain outcome?

 

I thought having a covenant could be negative in terms of investment perspectives. However, it also makes a sense that it can prevent from low quality development, which some people find positive. Thanks for your insight.