I'm looking at buying a particular property as an investment.
It has a decent gross rental return (6%) but has been on the market for 6 months and has not risen in value over the last 5 yrs (as stated by the real estate agent). It is close to the town centre of a growing town, and has a very steep driveway. It is 10 years old. I intend to get a soil inspection to ensure the ground is ok, as the house is on a high. Should I make an offer, say 5% less than the asking price? Why wouldnt the property increase in value when all other properties in the area have?
The asking price is 235,000, rental income is 270 a week. The current tenants have been in there for 5 years and are happy to stay longer. It is through a commercial realtor. I probably wont use a property manager as it is low maintenance and there are existing tenants. It is a quiet street, which isn’t far walk from town centre. I will get a building inspection
2007-03-17
21:03:01
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1 answers
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asked by
shano 2006
1
in
Renting & Real Estate