Is buying a property with a lake across the road a bad idea?

Discussion in 'Investment Strategy' started by MiffyFanBubbles, 27th Mar, 2021.

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  1. MiffyFanBubbles

    MiffyFanBubbles Active Member

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    Came across some nice properties in the outer south western side of Melbourne that has a nice park/lake view outside. Just wondering if anyone experienced can share whether this has any cons? e.g. should I be looking at flood risks, if so, where do I find out? Is there anything I'm not thinking of?
     
    MiffyFanBubbles, 27th Mar, 2021
    #1
  2. Joynz

    Joynz Well-Known Member

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    Is it a new development? If so, how old?

    Is the lake artificial or natural?
     
    Joynz, 27th Mar, 2021
    #2
  3. spoon

    spoon Well-Known Member

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    Right now in New South Wales!?:eek:
     
    spoon, 27th Mar, 2021
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  4. See Change

    See Change Well-Known Member

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    Lots of people would like a lake view .

    places on narrabeen are flood prone . Doesn’t stop them getting high proces . Same for somewhere like palm cove .

    cliff
     
    See Change, 27th Mar, 2021
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  5. Shazz@

    Shazz@ Well-Known Member

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    Depends which area the lake is. I grew up near one that attracted lots of undesirable people at night. Lots of cars, loud music, parties, drinking etc.
     
    Shazz@, 27th Mar, 2021
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  6. spludgey

    spludgey Well-Known Member

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    Really depends, if there's a spillway, it might not actually be at a higher risk of flooding.
     
    spludgey, 27th Mar, 2021
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  7. skater

    skater Well-Known Member

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    Lots of places have recently had flooding. Did it get affected?
     
    skater, 28th Mar, 2021
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  8. MiffyFanBubbles

    MiffyFanBubbles Active Member

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    Looks natural. There are some grasslands surrounding the lake. Property built in 2009-ish.
     
    MiffyFanBubbles, 28th Mar, 2021
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  9. MiffyFanBubbles

    MiffyFanBubbles Active Member

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    The property is Melbourne so I hadn't thought of how the New South Wales floods could affect it? Could you please elaborate? :)
     
    MiffyFanBubbles, 28th Mar, 2021
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  10. MiffyFanBubbles

    MiffyFanBubbles Active Member

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    Is there a way to check spillways other that physically looking out for them?
     
    MiffyFanBubbles, 28th Mar, 2021
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  11. MiffyFanBubbles

    MiffyFanBubbles Active Member

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    Apologies for my ignorance, has there been flooding in south western Melbourne as well?
     
    MiffyFanBubbles, 28th Mar, 2021
    #11
  12. skater

    skater Well-Known Member

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    I don't know.....That's why I asked 'Did it get affected?'
     
    skater, 28th Mar, 2021
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  13. The Y-man

    The Y-man Moderator Staff Member

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    We are below then on the map - might flow down :D

    See if there is anything regarding flood zones on the section 32 AND call a building insurance company to see if they will cover for floods at that address.

    The Y-man
     
    The Y-man, 28th Mar, 2021
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  14. Angel

    Angel Well-Known Member

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    Does the map and the satellite photo show a spillway? Is the block of land at a higher contour than the lake?
     
    Angel, 29th Mar, 2021
    #14
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  15. Tillie

    Tillie Well-Known Member

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    Personally would love to have lakeview and i would be ready to pay extra for it. However just like others mentioned before making sn offer just check if the block is subject to flooding
     
    Tillie, 3rd Apr, 2021
    #15