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which one would you buy?

Discussion in 'General Property Chat' started by CCHO2015, 17th Jul, 2015.

  1. CCHO2015

    CCHO2015 Member

    Joined:
    16th Jul, 2015
    Posts:
    5
    Location:
    VIC
    Hi everyone we are looking at 2 properties at present and because our budget is limited we are left with 2 choices. Out goal is to live 3-5 years and rent it out or if we end up liking the area it may become PPOR for 10 + yrs.

    Option 1.
    Old house but it is in the central location (10-15mins walking distance to the city). The owner has extended the place himself like undercover living area and spa with decking. Not only this, the garden is divided into 3 areas (garden, playground with swings, and the enclosed spa). The garage is also divided into 2-3 areas (storage and study). Inside the house is an old kitchen and a built in desk along one side of the wall right next to the kitchen making the place look cluttered.

    Pros: Location and 10-25k cheaper than option 2.

    Cons: Lots of work to do..removing the decking, taking the fences out of the garden so we have one area in the garden not 3 separated areas by ugly fences. Repairing/renovating the shed area that's converted into 1/2 study and storage. Taking out the built in desk in dining area.


    Option 2. Old house. Big house on a big block but the backyard is absolutely tiny and the front yard is massive. Kitchen and Bathroom are in bright red and blue and carpets are in very bad condition.
    However it's a corner block with a park across the road.

    Pros: Solid and spacious house and park across the road

    Cons: Tiny backyard (size of a normal living room), kitchen and bathroom that need a new paint and new carpet/floor boards.


    Partner and I are not experienced DIY renovations so we are also a bit confused with the overall cost of fixing and removing unwanted things (esp the deckings and spa) from these 2 houses.
     
  2. Chilliblue

    Chilliblue Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    1,579
    Location:
    Australia
    Why would you choose to take on a project that you are neither comfortable to have knowledge in.

    Might be better to do some more research. For example, why a house not a villa or townhouse?
     
    CCHO2015 likes this.
  3. Kael

    Kael Well-Known Member

    Joined:
    18th Jun, 2015
    Posts:
    277
    Location:
    Sydney, NSW
    It's hard to tell based on what you mentioned. For example, Option 1 is 10-15 minutes walking distance to city, how close is Option 2 to the city or another mini CBD?

    Do you see yourself developing later on? If you can, maybe go for Option 2. If not, Option 1 may be more suitable. In saying that, why does it HAVE to be Option 1 or 2? I know you said you only have 2 choices currently but what if something else pops up next week... There could be an option 3, 4, 5 or 6 even!
     
    CCHO2015 and dismith like this.