Buying a lot - is corner lot better?
- Thread starter Warrali
- Start date
technically if it was the same size as a standard block you would have less backyard as you have 2 front yards. Depends how the house is situated I guess.
From a renting point of view I wouldn't want all the mowing.
From a purchase point of view I would only be looking at a corner block if it were possible to subdivide or add a granny flat.
From a renting point of view I wouldn't want all the mowing.
From a purchase point of view I would only be looking at a corner block if it were possible to subdivide or add a granny flat.
This was recently discussed in the thread below. A quick search found it.
http://somersoft.com/forums/showthread.php?t=79647&highlight=corner+block
http://somersoft.com/forums/showthread.php?t=79647&highlight=corner+block
I agree with Travel Bug, it depends on how the house is situated on the block and I will add, that it depends on your strategy/intentions for the property immediately and donw the track.
If you are asking purely from a "which will the tenant pay more for", in most cases things like this do not affect the rental return, however, if you would like to do your DD (which you should always do), I would call 3 property managers in the area and get their feedback.
If you are looking more long tern and the house will be situated toward the front of the block leaving a good sized back yard that could potentially be subdivided at a later stage (or even now - before the build process commences) then I see a lot of value in corner lots and generally they will sell for a premium at a later stage.
If the are is not in a great socio economic area, you will have to consider graffitti side of things (ie along fences) and also easier to jump over fence and get into house. If good area though - I would not be concerned by this at all.
You also need to be aware of different rules for structures built to front of property, including carports and front/side fences. (due to cars needing to have a good view when turning corner)
I hope this helps.
Cheers, Lisa
If you are asking purely from a "which will the tenant pay more for", in most cases things like this do not affect the rental return, however, if you would like to do your DD (which you should always do), I would call 3 property managers in the area and get their feedback.
If you are looking more long tern and the house will be situated toward the front of the block leaving a good sized back yard that could potentially be subdivided at a later stage (or even now - before the build process commences) then I see a lot of value in corner lots and generally they will sell for a premium at a later stage.
If the are is not in a great socio economic area, you will have to consider graffitti side of things (ie along fences) and also easier to jump over fence and get into house. If good area though - I would not be concerned by this at all.
You also need to be aware of different rules for structures built to front of property, including carports and front/side fences. (due to cars needing to have a good view when turning corner)
I hope this helps.
Cheers, Lisa
Quoted for truth. +1
Increased Traffic; car light & noise
Less Security; easier to access your property than others
Sometimes the house positioning.
Superstitious chinese don't like buying on intersections as they believe that money flows away from the property; meaning you'll never accumulate wealth.
On the other hand corners are great for developing if they're the right size as access to a rear lot is easy.
Less Security; easier to access your property than others
Sometimes the house positioning.
Superstitious chinese don't like buying on intersections as they believe that money flows away from the property; meaning you'll never accumulate wealth.
On the other hand corners are great for developing if they're the right size as access to a rear lot is easy.
Plus less privacy, if people passing by can peer over two fences instead of only the front fence, if they were so inclined?
more traffic noise + more traffic + car headlights going into your house at night + less privacy.. all bad points from me sorry
That is fantastic Matt! Well done.
$500K profit is a great return. Would you mind sharing how much you paid for the site?
I have a corner block, and on purchase PM said i really should look at the front fencing and yard, as if someone tripped in a hole on my block whilst cutting the corner as a pedestrian I would be liable. Just food for thought, as an example that you have a different set of considerations.
Definate security is a big negative, but i did purchase the property to have dual access upon subdivision.
Definate security is a big negative, but i did purchase the property to have dual access upon subdivision.
Paid $352k for the site about 2.5 years ago. Its in Gladstone. Each townhouse is 4 bed, 3 bath, 2 living and will rent for $1,000 per week, fully furnished. Gives about a 16% yield on the cost of building the townhouses
Paid $352k for the site about 2.5 years ago. Its in Gladstone. Each townhouse is 4 bed, 3 bath, 2 living and will rent for $1,000 per week, fully furnished. Gives about a 16% yield on the cost of building the townhouses
I had a feeling it was Gladstone. Great Job! was it in one of the older sububrs?
I did a lot of research on the Gladstone market and was looking at West Gladstone - the numbers stacked up nicely for development.
I heard yesterday that one of the banks has cut back on lending in Gladstone now and will only allow a 50% rent to be taken into consideration for servicing. Not an issue for you, I realise. But an interesting bit of information.
How is that a corner block?
Well the poster probably bought a corner block, kept the front house, subdivided the back of the block and built 2 townhouses..
There's a house either side of the photo. Maybe you have a different idea of corners to me?
