Odd shaped block - worth to buy or not?

Discussion in 'What to buy' started by David B, 15th May, 2016.

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  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 Premium 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

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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 Well-Known 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

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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.
     
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  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.
    upload_2016-5-17_13-8-40.png
     
  15. Peppas

    Peppas Well-Known Member

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    I am currently looking at a property which sits on a trapezoid shaped block, with frontage 24.4m, sides 34m, rear 11.8m. It sits in a zoning which would allow townhouses/units upto 21m height. Would this block shape make it difficult for future (a long long way in the future possibly) development if funds and experience allow? Thanks in advance
     
  16. neK

    neK Well-Known Member

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    I own two properties which are of odd shapes.

    One I built a granny flat on (side by side street facing)
    The other is a PPR which if i ever chose to knock down, I would build the house a different shape to create a larger backyard space - as it is right now, the yard is kind of sucks.

    That said, both were purchased at discounted pricing (when compared to other blocks in the same area) - the PPR was purchased at $10k less than the stated land value from the Valuer General.
     
  17. is_don_is_good

    is_don_is_good Well-Known Member

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    Go in and ask the council planning department if anything similar has been done in the area or if they think it's possible.

    You could also drive around the nearby area looking for similar developments and then look up their sold price online. Through that you should be able to contact the agent, drafty, architect or builder as well.
     
  18. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    David B,

    Don't over think this. If you have doubts, avoid the property.

    Finding sites with dev potential is difficult and expensive at the best of times, so don't buy anything that will limit its potential to develop or re-sell.

    There are always work arounds and creative architectural things you can do, but it is easier to avoid and find something rectangular, even if it means it will be slightly more expensive.
     
  19. Tom Rivera

    Tom Rivera Property Manager Business Member

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    Totally depends on the development plan- we can't really give any meaningful advice here without further information.

    I'm a big fan of weird blocks, because most people have no imagination and sell them cheap. Within reason, clever design can really add value in most cases.