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C&G’s Guide to Why You Should Consider Buying the Worst House in the Best Street
It’s a little strange when you are advised to look at the worst house on the street! When we say ‘worst’ we mean a house in need of upgrades and love. In this C&G blog, we list the reasons why buying the ‘worst’ house on the street could see you enjoying a higher return on investment. Read on!
The most important factor you should consider is the location. A street that is aesthetically pleasing, safe and close to amenities will always hold high value. You could have the best property on an undesirable street, but that simply means the other homes don’t match the same standard. There is also no guarantee that they will improve over time. Buyers will flock to a more attractive neighbourhood if this is the case – if they can spend the same amount of money with a better location, why not? If you buy in the right neighbourhood to begin with, you are already on the right footing regardless of your property’s condition. The land itself will hold the most value for your asset.
Buying a house you can make improvements on – whether it be renovations or repairs – will increase the home’s value drastically. You can enjoy a lower asking price, and can sell the asset with ease should your circumstances change. The right improvements and maintenance will only help you get the best return on your investment.
Lastly, it’s always a smart idea to talk to your real estate agent before making an offer and enquire about the area’s sales history and demographic. Chisholm and Gamon are no strangers to answering these questions, with an extensive knowledge of the Melbourne real estate landscape. We also have contacts for services such as pre-purchase building, tradespeople, architects, and pest inspections that we can provide to our clients. Don’t hesitate to reach out today with your property queries!