Buyer advocate comments:
Graeme's brief was clear, he wanted an investment property on a large block so that a granny flat could be added at a later date. While the budget of up to $600k, was sufficient for the search area, there was however limited stock. Graeme is associated with the finance industry and has existing investments. This made the process straight forward and Graeme's decisions were purely based on economics not emotions. He was great to work with.
After inspecting about 8 properties, most were disqualified due to a lack of easy access to the rear of the block. Three possibilities came through with one in particular appealing to Graeme, which had the bonus of being $50k below budget. We knew the house was solid, although dated and it clearly required repairs and an upgrade in time. When the Building and Pest report was completed, most people would have walked away due to the number of identified issues. Graeme asked me two questions.
1. Even with these issues, does the house represent good value, the answer is - Yes.
2. If we don't buy this property, are there plenty of other options at this price available, the answer is - No. Graeme had already researched granny flat options and knew there would a good working relationship with the tenant for the granny flat build to go ahead. I negotiated a $10k reduction in price to cover B & P issues, making for a good deal.
Robyn Toohey
