oc | Tuesday 21st January

$900,000 For The Wrong Property!

Congratulations to Bayside agents, Buxton who this weekend sold the unsaleable!

The auction of a  Californian Bungalow at 8 Hastings Street was hotly contested with a sale price of $835,000. A fantastic result for a property, that we would not recommend a client to buy.

Buying the wrong property (particularly if it is your first), will set you on a course for financial hardship that will affect you long term.

8 Hastings Street Hampton gave subtle and not so subtle clues in determining whether it was a good or not so good property. The nearness to a railway line was a huge negative for the home. It was positioned one home back from the line.

The home may have been walking distance to the beach however it had a run-down property next to it and a mismatch of other styles of properties in the street. These being and units.

Car access and off street parking was another issue. The front garden of the property gave you room to park, but you lost your garden in doing so.

The size, shape and orientation of the block was also a concern. The size of the block was approximately 485sqm, it was of irregular shape due to the railway line and was west facing. There was also a two storey home looking into the rear yard. Of which there was approximately one tree.

The condition of the home internally and externally gave us the biggest clue- the home had an extension that was approximately 20 years old. Why hadn’t there been a more recent renovation? The answer is simple OVERCAPITILISATION.

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