Townhomes near new property implications

Discussion in 'What to buy' started by Zeemo, 5th Apr, 2021.

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  1. Zeemo

    Zeemo Member

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    Hi members

    I am about to buy a property (a double storey house - my land size is 300sqm) in an established suburb in Melbourne but I discover there are townhouses opposite the proposed property.

    I am quite sceptical that the townhomes might have negative impact on the capital growth of my property( house).

    Will this affect the capital growth of my property ?

    Any opinion or suggestion. Thanks
     
    Zeemo, 5th Apr, 2021
    #1
  2. wylie

    wylie Moderator Staff Member

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    Welcome to the forum. :)

    Buying opposite townhomes would only bother me if they were ugly, too tall (I don't want to feel overshadowed), or if there were a lot of them, overwhelming everything around them. A small block of nicely designed, well kept townhomes in a quality street would not bother me.

    I know you are asking about the capital growth of your property. And I think quality townhomes wouldn't take away any posible capital growth. The problem might be that a street of nice homes could end up being slowly replaced by townhomes. But that can happen anywhere they are allowed.

    I'm thinking of new townhomes in our suburb (including the ones we built) and believe they've not taken away from the "feeling" of the street. Ours do not front the street, but some of the others around our local streets do face the street, and are very nice (much nicer than the basic, ugly old houses that were there).
     
    wylie, 5th Apr, 2021
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  3. Zeemo

    Zeemo Member

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    Thank you Wylie for your prompt response. I appreciate your opinion

    The townhomes are new and they are about 15 to 20 of them opposite 7 houses that are also new including my proposed property.

    I will be spending around $700,000 for my double storey house and the townhomes are sold for around $500,000.

    I am just having negative thoughts. Lol
     
    Zeemo, 5th Apr, 2021
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  4. jaybean

    jaybean Well-Known Member

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    700k for the build or for both the land and house?
     
    jaybean, 5th Apr, 2021
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  5. Zeemo

    Zeemo Member

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    Both
     
    Zeemo, 5th Apr, 2021
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  6. Zeemo

    Zeemo Member

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    Both land and building my double storey house
     
    Zeemo, 5th Apr, 2021
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  7. jaybean

    jaybean Well-Known Member

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    Ok well then a townhouse for $500k is likely to have a similar build quality to yours then.
     
    jaybean, 5th Apr, 2021
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  8. Zeemo

    Zeemo Member

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    @jaybean that is a very good point. I think this the reason for my scepticism. The townhomes are Soho Living styled and priced at 500k for a three bedroom.

    thanks for your opinion.
     
    Zeemo, 5th Apr, 2021
    #8
  9. Noobieboy

    Noobieboy Well-Known Member

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    I wouldn’t be bothered to be honest. It’s not like they are a large block of appartments.
     
    Noobieboy, 5th Apr, 2021
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  10. Zeemo

    Zeemo Member

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    @Noobieboy yes I am buying the 300sqm land for $370,000 and I am getting a four bedroom double storey with balcony for $320,000. We intend to live in this house so the kids can go to school in the area.

    we don’t want to be disappointed with the capital growth due to the $500,000 townhomes opposite the houses.

    We will continue to think about it.
     
    Zeemo, 5th Apr, 2021
    #10