I am looking to purchase a warehouse in West Melbourne to live in for residential purposes.
What is the deal with these properties? What should I be looking out for? What are the disadvantages/advantages?
1. Could there be contamination issues?
2. Title issues?
3. Heritage overlays? Can you demolish and build a new house on top?
4.Crime/unsafe environment???????????
Noise from nearby warehouses?
Graifitti/drug use/loittering/gang trouble which is usually associated with alley ways and warehouse areas?Is it true that it gets really hot in summer and cold in winter?
Are rats a problem or is this just a myth?
???
Hi propertyboy
What made you choose West Melbourne? What is is that you are wanting from your residence? for eg, are you wanting to be near certain facilities?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
does the zoning allow residential living?
propertyboy wrote:I am looking to purchase a warehouse in West Melbourne to live in for residential purposes.What is the deal with these properties? What should I be looking out for? What are the disadvantages/advantages?
1. Could there be contamination issues?
2. Title issues?
3. Heritage overlays? Can you demolish and build a new house on top?
4.Crime/unsafe environment???????????
There's unlikely to be contamination issues that haven't been addressed in the planning or building process assuming the warehouse shells are being sold for residential purposes.
Same could be said of the title issues, but the BC could have considerable maintenance costs to deal with.
Building a house "on top" would mean you would need to "own" the property in title. You can determine this by having a look at the strata boundaries on the plan of sub-division.
As for crime…West Melbourne ain't what it used to be!
Good luck.
I am looking at West Melbourne because I want to live close to the city without being in it. I also think it it is a better investment as anyone can just put up an apartment block but a warehouse conversion is differentiable and there will be less supply of it relative to an apartment. I also believe docklands will be a major centre in Melbourne in the next 10 years so it’s a good area to get into as it’s close to the dockland region.
I am also assuming there will be no body corporate on a warehouse and this is one reason why I do not want to get an apartment.
Hm Docklands. There has been a massive oversupply there.
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
Of apartments, not warehouses, hence the use of the word differentiable
Hope you have a big deposit as lenders wont be financing them in the same way even with residential zoning.
Certainly be tying up your equity.
Richard Taylor | Australia's leading private lender
why is that?
Is it because they are considered more risky? Harder to sell off?
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