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NSW Large Fibro in Penrith

Discussion in 'Where to Buy' started by hash_investor, 5th Jan, 2016.

  1. hash_investor

    hash_investor Well-Known Member

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    Pros:

    - Large block over 550 sqm
    - 4 bed double story
    - granny flat
    - potential combined rent $600
    - price less than $600k

    Cons:
    - Fibro

    How do you see the future potential of a fibro. The house is well renovated at the moment and does not need any more touch up apparently. The granny flat is even newer and in good condition. My only concern is fibro as I have never invested in it. It feels a bit scary.
     
  2. dabbler

    dabbler Well-Known Member

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    It would not worry me, not even from the asbestos aspect, the downer is age and presentation of fibro, but it is a durable material, plenty of them lasting much better than some other products. So if it presents ok, then all good IMO.

    The plus is you could re skin if the house is a decent design and already been done up well inside.

    The frame would be hardwood most likely, much better material than the pine now used. Also, the house component wont be a large part of the cost.

    If the block is a good one, and it has no problem with income for now, you could choose to develop at a later time.
     
  3. Alex1

    Alex1 New Member

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    Vinyl cladding products or rendering are options, both can transform the appearance efficiently.
     
  4. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I'm sorry but....
    To me that's not particularly large.
    It's an ok block size.
     
  5. bob shovel

    bob shovel Well-Known Member

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    Cons
    Yield
    Minimal cg for the next 8 years

    I wouldn't worry about fibro. Are you local? Is that why you've looked in Penrith?
    Depending where in Penrith the block size is just below average.

    I posted this flash graph on a Mt druitt thread.
    [​IMG]
    Penrith is 6-12mths behind. One thing though it wont drop as much as dru. Plus the airport may give it a little boost
     
  6. hash_investor

    hash_investor Well-Known Member

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    Yes. I am local.
     
  7. neK

    neK Well-Known Member

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    Is the granny flat done properly and certified or a dodgy conversion?
     
  8. bob shovel

    bob shovel Well-Known Member

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    Happy to help then! ;)

    Have a look elsewhere before you do anything in penny. Read the threads here a bit more. No one is talking about Sydney anymore, except for how much it will drop!

    Your money would be better spent elsewhere.

    I bought in penny this time last boom... Waited 8 years for it to increase! So I wouldn't recommend it
     
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  9. Gockie

    Gockie I'm an ISTP-A female, so I might be a bit quirky! Premium Member

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    I agree with Bob....
     
  10. TaylorChang

    TaylorChang Well-Known Member

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    I agree Penrith is at correction phase.
    If you are for whatever reason really want to buy in the area, factor in another 1% interest rate rise before you see capital gain. say 6% interest rate you get from the bank/lender. see if the number still work for you.

    By the way, fibro is ok. it doens't bother me, as long as it passes the building & pest report you shouldn't worry too much.
     
  11. hash_investor

    hash_investor Well-Known Member

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    Agreed. There is no discussion on that one.

    OK, I will come clean. I am not familiar with the route of buying in Brisbane. Every property that is worth buying remotely has some issues, some low socio economic and some flood zones. Not sure how to achieve that comfortably because I am not based there. Therefore I have sadly decided to buy locally and wait 8 years for the CG.

    Happy to be guided and corrected.
     
  12. Tonibell

    Tonibell Well-Known Member

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    You need a plan/scenario for how you are going to profit from each purchase - both short term and long term.

    You will usually pay a premium for a renovated property and also for a dual occupancy/granny flat.

    If you are a local you can avoid this premium buy getting an unrenovated place on a large block. Then you would have the plan to make a profit by renovating it and putting on a gtanny flat - that then might be a justification for buying in Penrith rather than a market with better immediate prospects (such as Brisbane).

    The fibro is not a problem in the Penrith market and is easily fixed. We have one in North St Marys that we renovated, clad and added a granny flat. This worked out quite well.

    It is also easy to educate yourself for Brisbane buying if that is what you want to do.
     
  13. bob shovel

    bob shovel Well-Known Member

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    Don't dooooo it! Keep reading! There's no rush. You've got 8 years to buy ;)
    Look at the buyers agent route to help build confidence, 10k spent could help in many ways
    There is heaps of info here to get to know areas.plus once you get to know a few short listed suburbs whack them up in a part to get pros and cons.
     
  14. hash_investor

    hash_investor Well-Known Member

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    I can double check and talk to the council too. But apparently it is properly done and totally legal.
     
  15. Yson

    Yson Well-Known Member

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    Many fibro houses in the west for old properties, so i do not mind
     
  16. neK

    neK Well-Known Member

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    For what its worth, i bought a 2 bedroom fibro house.
    Extended and made it 4 bedroom.
    Cladded over the fibro with hardipank to give a different look.
    No one thinks or even asks if its fibro :)
     
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  17. neK

    neK Well-Known Member

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    according to who? The agent? Ask for the paperwork :)
    Best to check with council.
     
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