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Unit 1 of 12, good or bad purchase. Help.

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f | 18 Nov 2014, 10:34 AM Agree 0
Hi all,

My partner and I are looking at buying an investment property in Melbourne. We have found a unit that has been on the market for less than two weeks. We have a budget of 450K and are trying to buy a property within 7 or so kms from the CBD. The unit is a two storey townhouse, upstairs has two bedrooms, master bedroom has built in wardrobe and balcony, bathroom with small bath. Downstairs has living area to the front with open plan kitchen dining area to the rear. Separate laundry and also has a courtyard. House is in pretty good condition, may need a bit of work done in the future, nothing too major.

It is within walking distance to train station, shops and cafes and also has a uni close by. The location is perfect. The house currently has a long term tenant and rent is decent.

The only thing that’s stopping us from putting in an offer is that the property is 1 of 12 in a group. We’ve never liked the thought of living in a unit, but some people do prefer it, but is 12 too much?

What are your thoughts? Does the location matter more than the amount of units? What land content is appropriate?

We’re really unsure at the moment and would appreciate other peoples opinions to help make up our mind, before we miss the chance and allow a good investment to pass by.

Any advice would be greatly appreciated.

Thanks, m & f.
  • Mary Kehely | 19 Nov 2014, 10:15 AM Agree 1
    my opinion is that 1 of 12 is far better than 1 0f 50 or more.
    location is always a must, and yes land has value, but as the world is changing and land is getting harder to find, being closer to the city and all amenities is what to look for, and units and townhouses fit this bill. They should grow, if you but in the right area.
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