All Topics / General Property / Buying houses & units (blocks) from the Govt

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  • Profile photo of Agent007Agent007
    Participant
    @agent007
    Join Date: 2003
    Post Count: 61

    Any thoughts, pitfalls to look out for & experience buying houses from the government (ex Housing Trust)?

    I have got several agents notifying my of ex-housing trust homes in the city & country homes – and some look like +ve cashflow ones.

    Thsy are vacant. The govt will ONLY sell them by auction with 10% down @ fall of hammer, and settlement in 30 days. They appear to be vacant and need painting and/or floor coverings (carpet, or polish the floorboards).

    Would you go for them or pass because of the housing commission area they are most likely to be in?

    Thnaks,

    David Paxton
    “You Only Live Twice”

    Profile photo of spider_2spider_2
    Member
    @spider_2
    Join Date: 2003
    Post Count: 79

    [:)]Hi 007
    Do some homework –
    Check out the rental needs of the area :
    * is there a demand?
    * what are the rentals p.w.?
    * why are they being sold?
    * what work needs to be done to them?
    * are any subject to HIA orders?
    * what are employment prospects in the area – rising, steady or declining?
    SA is having a few sales of ex-housing trust in the upcoming weeks!
    Good luck
    [8D]

    Profile photo of centraliancentralian
    Participant
    @centralian
    Join Date: 2003
    Post Count: 14

    Another one to add to Spiders list…check out the neighbours. This will generally give you a good idea on the area that you are buying into…

    Profile photo of ActTodayActToday
    Participant
    @acttoday
    Join Date: 2003
    Post Count: 232

    We build Government Housing and what generally happens if a block or many houses are for sale in one area is that the tenants have been relocated to new premises, generally not too far away but often far enough for a whole new group of families to move into the ex govt dwellings. We have found that they are usually cleaned up and the area can become quite a nice little area for low income earners who are desperate for their own home. Try and find out where the tenants have been moved to.

    Profile photo of AdministratorAdministrator
    Keymaster
    @piadmin
    Join Date: 2013
    Post Count: 3,225

    >>Try and find out where the tenants have been moved to.<<

    What is your reason for that Judith ?

    Pisces133

    Profile photo of ActTodayActToday
    Participant
    @acttoday
    Join Date: 2003
    Post Count: 232

    They often come back to visit the neighbours[:D] or haunt old stomping grounds

Viewing 6 posts - 1 through 6 (of 6 total)

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