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I have seen some opportunities for purchasing ex-housing commission houses, sometimes completely renovated, sometimes as-is.
I like the prices but am wondering if buying in such area would be high-risk?For instance, is there potential to increase the value if all other properties in the street (or most of them) still are commission houses and look like they need renovating badly?
You’d end up with the best house in worst street scenario.ALso, is there the potential of increasing the rent- you can improve the property all you want, but are there any tenants willing to pay more rent, I mean, they’d still be living in this h.c. area so they might not expect to pay a highish (but still reasonable) rent?
Do any of you actually own these properties and what is your opinion, do I see problems that are not there?
I’d love to hear what you think
]I have friends that purchased a few housing commission houses in Sydney a few years ago. The recently sold them, one with a $150,000 capital gain and the other a $69,000 gain (in about 12 months).
Terryw
Discover Home Loans
North Sydney
[email protected]Terryw | Structuring Lawyers Pty Ltd / Loan Structuring Pty Ltd
http://www.Structuring.com.au
Email MeLawyer, Mortgage Broker and Tax Advisor (Sydney based but advising Aust wide) http://www.Structuring.com.au
If you look at places out our way – like what the locals have done with areas of Airds then this could be quite a good move. (i.e. Airds was once the butt of all jokes but now has some areas that scrub up alright).
You do want to be careful with the best house / worst street, though.
Oh, and some of these places may still struggle with +CF.
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