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Dear all, I am looking at a reno deal where the property backs onto trainline in Melbourne’s SE region. The house needs some cosmetic reno. After initial DD, there are renovated house (with similar internal configuration) within 500 meters which is in quieter street and it was sold for over $1.2M. If I were to renovate the deal, should I assume 5% or 10% off the recent sales comparable because it backs onto trainline? Would love to hear your thoughts?
Cheers
John
Hi John,
Train lines can be a drawback for some, but there are ways to ameliorate that issue. e.g. double glazing of windows facing the train line can help – a bit more expense of course. Also, high fences can help to deaden the noise. If these exist (and are wooden, concrete, or composite – not metal) then that could reduce the decibels and some buyer reluctance along with it.
Then again, trains can be useful for some – if commuting daily on a train, the proximity to a train line could be considered a benefit. I’d be checking values of other neighbouring properties to see if the train line affects their vals markedly. Check too how often a train goes by – some lines are actually not in use. Are these short trains (i.e. do they go by in a few seconds, or are they goods trains clacking away for 2 or 3 minutes or more?)
Some might offer a place with a nice loud stereo system or HD TV with a quality sound bar that they can have playing when showing the place – all about disguising the sound of any passing trains.
There are a few ideas – what more can be done? Help me out folks !!
Benny
