Looking at purchasing a 2 bedroom terrace home.
I know that they have heritage overlays on them
But, are there any hidden costs/things I should be looking at that the real estate agent may not tell me about?
Is it true that all though there are no body corporate fees you have to paint the front fence and facade every year to meet the required street character?
Does this heritage overlay affect the value in any way? Should I just purchase a normal house instead? Or are these good investments?
Hi propertyboy
I actually don't know the answer to your question, but know that a quick call to the council planning department would answer your questions
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
propertyboy wrote:Looking at purchasing a 2 bedroom terrace home.I know that they have heritage overlays on them
But, are there any hidden costs/things I should be looking at that the real estate agent may not tell me about?
Is it true that all though there are no body corporate fees you have to paint the front fence and facade every year to meet the required street character?
Does this heritage overlay affect the value in any way? Should I just purchase a normal house instead? Or are these good investments?
The heritage overlay probably affects the value in two ways: 1, It protects the local character, and so increases the value of the property, but 2, it also means the pool of potential purchasers is smaller because they have concerns just like those you have raised!
Just because there's a heritage overlay doesn't mean you can't extend or otherwise change the property – it just requires a TPP to do so.
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