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Odd shaped block - worth to buy or not?

Discussion in 'General Property Chat' started by David B, 15th May, 2016.

  1. David B

    David B Member

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    Hi Everyone,

    What do you think about the downsides of buying a house on an odd shaped block (triangle) located at the end of a court with a very small front yard, no backyard but two side yards.
    If I buy such a house, does the shape of the land impact the resell value?
    or makes it difficult to find buyers?

    Thank you,
     
  2. sanj

    sanj Well-Known Member

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    Thats too open ended a question to answer.

    of course it is not going to be as desirable as a more regular shaped block but to what extent? you have to consider:

    - is the discount vs regular shape significant?
    - is it say in an inner area where a yard isn't that important or do residents there typically want yards? eg if family area near schools you might struggle
    - zoning? will you be able to design a house on there that works?
    - if you have to go 2 storey because of shape do end values support the added expense of a 2 storey build?
     
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  3. MTR

    MTR Well-Known Member Premium Member

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    I probably would not buy unless I could pick it up at bargain price, or I could add value ie development site

    What does the elevation/facade look like?
     
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  4. DaveM

    DaveM Adelaide Buyers Agent & KFC Strategist Business Member

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    Two side yards would annoy me as a pet owner... but depends on how large they are and also if the house is designed to use them and has living area access to them and not just a laundry door etc
     
  5. David B

    David B Member

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    It is a single story house, 10m is the frontage of the land and as far as I know council does not issue any permit for unit development in that area.
     
  6. David B

    David B Member

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    Thank for the comment,
    Actually there is no discount and it seems the vendor is demanding a normal price for this house.
     
  7. MTR

    MTR Well-Known Member Premium Member

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    how long is a piece of string? look at comparable sales, and if it is a great concern find another property. If it's not discounted due to odd shape block, move on

    If you are buying in Melb the property boom started in 2013, are you buying close to peak in this area?

    Timing the market is more important than what you buy IMO
     
  8. Westminster

    Westminster Tigress at Tiger Developments Business Member

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    If it was blank land it wouldn't worry me as I would design something that suited the block.

    As it's established and they have put the house smack in the middle it depends on how the side yards are done. It's the same as having a front and back yard, they are just side to side.

    The downside of a court location is that there is less street parking for everyone but on the upside less traffic.

    I would say that it's probably not worth less to me.
     
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  9. Marg4000

    Marg4000 Well-Known Member

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    You will should buy it cheaper but will also probably sell it cheaper.

    My daughter bought a house sited awkwardly on the land, end of cul de sac also. Not ideal, but it meant she could get a free standing house on a decent sized block of land for the same price as a townhouse in the suburb. Luckily for her the suburb has shown good price growth.
    Marg
     
  10. Bryan Loughnan

    Bryan Loughnan Well-Known Member

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    Hi @David B - agree with @sanj - it's going to depend on where is the property? What is the local demographic? What do the majority of the demographic want? Ultimately, to give yourself the best chance of achieving the highest possible sale price at some point in the future, you want your property to appeal to as many people as possible. If you are buying in a location which is family orientated and they want a back yard and a pool etc, then buying a unit/townhouse or house with no/small backyard probably isn't desirable. However, if you are buying in a location where the local demographic don't place as much emphasis on the outdoors and having a yard, it's probably fine. Understanding the local demographic and what they want is a huge part of making the most astute decisions as a property investor. Remember, it's not about buying something that YOU would necessarily live in, it's about picking a structurally sound, low maintenance, desirable property, in a location that has a diverse economy with multiple industry drivers, sustainable employment opportunities, sustainable population and controlled supply.... just to name a few. Simple right??? Good luck if you do proceed.
     
  11. Ember

    Ember Well-Known Member

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    We bought a house like this but on a square block with house in the middle. No large yard anywhere on the property as a result. Not ideal but works fine for IP. I bought at a discount so happy to sacrifice typical backyard. I think you should be looking for a discount to make it worthwhile.
     
  12. David B

    David B Member

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  13. Bryan Loughnan

    Bryan Loughnan Well-Known Member

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    Don't let it deter you @David B - just remember, it's your money, no matter what you do you need to be comfortable. Good luck!
     
  14. Skilled_Migrant

    Skilled_Migrant Well-Known Member

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    Trying to work out the numbers on a similar issue.
    Has anyone had experience (cost, time, council approvals, services) in rotating a house within the block preferably in victoria ?
    The numbers should make sense if the (cost of insitu relocation<< cost of unlocked land) as a corner block 600 m from the station, so easy to put another unit.
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