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Circa $550k
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.
Suite 3135
3 Parkland Boulevard
Brisbane City QLD 4000
Australia
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Propertybuyer Inner West, South Sydney & CBD
Level 29 Chifley Tower
2 Chifley Square
Sydney NSW 2000
Australia
Suite 2201, Level 22, Tower Two
Westfield Bondi Junction
101 Grafton Street
Bondi Junction NSW 2022
Australia
Propertybuyer Northern Beaches / Northern Suburbs
Suite 2
47-49 The Centre
Forestville NSW 2087
Australia
Propertybuyer Newcastle / Hunter Valley
4 Orana Crescent
Adamstown Heights
Newcastle NSW 2289
Australia
Suite 3135
3 Parkland Boulevard
Brisbane City QLD 4000
Australia
Propertybuyer Inner West, South Sydney & CBD
Level 29 Chifley Tower
2 Chifley Square
Sydney NSW 2000
Australia
Suite 2201, Level 22, Tower Two
Westfield Bondi Junction
101 Grafton Street
Bondi Junction NSW 2022
Australia
Propertybuyer Northern Beaches / Northern Suburbs
Suite 2
47-49 The Centre
Forestville NSW 2087
Australia
Propertybuyer Newcastle / Hunter Valley
4 Orana Crescent
Adamstown Heights
Newcastle NSW 2289
Australia
Suite 3135
3 Parkland Boulevard
Brisbane City QLD 4000
Australia
The Propertybuyer
Podcast
Fri 29 Mar '24 with Rich Harvey How to build a $7 Million Property Portfolio from scratch |
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Sat 16 Mar '24 with Rich Harvey Why Invest in Melbourne? |
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Mon 26 Feb '24 with Rich Harvey Sydney’s Inner West – Hotspots and Outlook for 2024 |
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Mon 12 Feb '24 with Rich Harvey Decoding Sydney’s North Shore Market – Outlook and Opportunities. |
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Sat 27 Jan '24 with Rich Harvey Home Buying in the Eastern Suburbs – A personal journey |
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Sun 7 Jan '24 with Rich Harvey Economic and Property Market Outlook 2024 |
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