Forums / Property Investing / Value Adding / buying the house next door ? any one done it ?

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  • Profile photo of suavemechanicsuavemechanic
    Participant
    @suavemechanic
    Join Date: 2004
    Post Count: 106

    we have just heard  the house next door is going to be for sale.
    the house behind our  investment prop is also on the market !
    not ready to play developer yet but a bunch of land is a good start
    not sure i want my tennants quite that close ( or  that i want to knock down my home !)
     so the investment neighbour is looking best
    great neighbourhood ,old suburb  very central and going high density
    so will i get more for two props in a row ?
    or is that an easy thing for a developer to assemble ?
    any thoughts ?

    Profile photo of Scott No MatesScott No Mates
    Participant
    @scott-no-mates
    Join Date: 2005
    Post Count: 3,840

    Up to you whether you want your tenants next door, but the upside is that you get to select your neighbours. You will pay more for the block next door as you have the added opportunity of combining two blocks (much more saleable to a developer than having to do two separate deals).
    How far off is the pressure for medium density? It may well be worthwhile to grab the back block as well if it is going to have the same zoning as yours/adjacent block – you will also need to consider the minimum lot size for medium density. The back block will give you access to a second street frontage allowing you the choice in naming the address of the property.

    Profile photo of suavemechanicsuavemechanic
    Participant
    @suavemechanic
    Join Date: 2004
    Post Count: 106

    both in the same patch. the rules have recently changed to allow  most blocks in this area to be duplex
    tho i notice the duplex units that have been  built so far  are a bit slow to sell
    as are brick homes ( its a fibro area )
    most people looking round here i presume still want a house
    i think that will change in the near future due to development near by
    back block is bigger so if i could only have one thats my preference
    im a bit light on for deposit ,and the house is scruffy ,so id have to top up the repayments a fair bit
    i just need to convince myself that two in one line is " value adding "

    now would be a great time to win some money !

    Profile photo of arungounderarungounder
    Participant
    @arungounder
    Join Date: 2004
    Post Count: 10

    I bought my next door and am in the process of doing some Renno. Both the blocks put together is 2024SQ with 40 Meter frontage. The street is slowly being bought by developers and 8 townhouses put on 2 blocks.

    Profile photo of suavemechanicsuavemechanic
    Participant
    @suavemechanic
    Join Date: 2004
    Post Count: 106

    nice !  im thinking five would be all  we could do currently around here
    and they would have to be pretty special , to sell fast
    in your case its worth  having just to controll your environment a little
    any one want to buy a mustang ?

    Profile photo of CosCos
    Participant
    @cosmedic
    Join Date: 2017
    Post Count: 1

    Here is a product which monitors the adjoining properties along 3 boundaries of your property. When any of these properties come to market, you are sent an alert email. This would be be the easy way to acquire a double block. The product is called Property Tracker Pro (http://propertytrackerpro.com).

    Profile photo of JaxonJaxon
    Participant
    @jaxona
    Join Date: 2014
    Post Count: 282

    If zoning is going high density, check the limits of your council, you may stand to make a substantial amount.

    lots of specific info, but can pay off huge.

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