pros and cons of irregular blocks

Discussion in 'What to buy' started by magloop, 14th Dec, 2019.

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  1. magloop

    magloop Member

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    hey everyone, im looking at this house on an irregular block as my first investment property. its an irregular block with 2 street frontages on 820m2 in a suburb with median house price of >700k. the block can be subdivided for future development with both having dual street frontages. are there any downsides to investing in an irregular block in a sought after suburb for eg: lower cg, building premiums for custom design, lower resale value after subdivision? id love to hear your thoughts. photos of current block and possible subdivision are attached. its a 1960s 5 bed 2 bath house with a flat roof in original condition that might require about 35k in aircon, carpet, paint and gutters to rent out. Screenshot_20191214_000703.jpg Screenshot_20191214_000627.jpg
     
  2. Thomacino

    Thomacino Well-Known Member

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    The site is hardly irregular, both proposed lots have two street frontages which from a design perspective has many options.
    The northern street looks slightly busier, perhaps a secondary arterial road?
     
    TMNT likes this.
  3. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    Avoid.
     
  4. Brady

    Brady Well-Known Member

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    Do you know the property is that why you're saying avoid?

    Otherwise not really much substance to the post.

    To the OP I find irreglar shape blocks can be harder to sell, when you're selling the undeveloped vacant block.

    Often find that people don't use imagination and can't picture how a property would work.

    So would ensure you have some plans for what could work if you're selling the blocks

    Similar with smaller blocks, often people think will result in tiny house

    But with good design, nice built house people will often look past the land size if it's not obvious
     
  5. John_BridgeToBricks

    John_BridgeToBricks Buyer's Agent Business Member

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    Look, you can make anything work with a good architect of course. So yes, you are right about that.

    Most people don't buy loads of real estate in their lives - they buy a hand full of assets at most, and they need to make this work from a wealth creation perspective.

    So if you are specifically looking for a development block, and assuming you aren't going to buy that many in your life, I would suggest buying something that will maximise your opportunities and minimise your hassles as much as possible. It's "cheap chasing" otherwise.
     
    QldKoolies likes this.
  6. Paul@PAS

    [email protected] Tax, Accounting + SMSF + All things Property Tax Business Plus Member

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    I am with you on that.

    The corner lot has approx 135 linear metres of edging every time you mow the block
    And approx 70m2 of nature strip to mow and keep tidy and water ?
    And around 70linear metres of fence that must also be splayed and built at you own cost.

    The apparent 488m2 is far less when setbacks etc are encountered for fences and setback from the street alignment. And dont assume your house will be allowed to face either way or have access to both roads. The close alignment at the fence may limit windows affecting bedrooms. I would be seeking a TP views
     
    George Smiley likes this.
  7. QldKoolies

    QldKoolies Well-Known Member

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    There’s so many downsides but I had a laugh that the one at the top of your list was edging. PTSD from a Jims Mowing business?
     

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