Hello one and all… once again it would seem I’ve been bitten by the old real estate bug. So yesterday, housemate and I went for a bit of a drive over to Ingham. Contrary to popular belief, Ingham is not the home of chicken. But it is the home of many Italian families, the Pub from “Summer of the 17th Doll”, and also (amazingly) has a KFC despite a lower population than Charlie’s Trousers.
So back to hair-brained scheme number 423… Builders are quite expensive in Charters Towers… the Townsville ones cost $$$$$$… and the locals have a waiting list of over 18 months… therefore to build a house on the new block would be… well, troublesome.
To sell out of either the existing house, or sell off the new block would not be very tax effective… and wouldn’t really result in any gain… also means a bit of a loss on legals etc.
So… being natural born problem solvers… we drove to Ingham.
And found…
We walked through the house…. needs painting… but otherwise good. 4 bedrooms. Study. Large open area on ground floor. Bathroom needs a touch-up, but potentially good.
And so… the big question… can this $7,000 house be moved (affordably) the 290kms from Ingham to Charters Towers.
Before you all start rolling your eyes… here’s my line of thought… If it costs less than $130,000 to relocate and connect the house… then I would go from having a $175K house (and a loan of 89%) to having 2 houses at a conservative $400 (and a loan of 71%).
If it happens I will be renting out current house, and moving in to new one while I renovate.
Only downside would be doubling of loan repayments… but apart from that its highly workable.
Feel free to comment.
OGT? The power is back on. Thanks Ergon!
well let me be the first … are there any $7000 houses a bit closer to CT
and PURRRRLEEEEZE check out cost of:
permits
insurance
removal
new foundations
plumbing
power connection
re-wiring
sewerage
etc etc etc etc
BEFORE DOING IT.
great idea. I mean who wants to wait for a normal builder to be available for a boringly normal house
note: you have to have a certificate of occupancy before you can move into it. but a caravan on the same site could be fun. and a couple of tents and a port-o-loo
yeah. my vote to do it
Listen to your mother
Be-friend a builder? Less risky?
hehehehehehehehehehehehe
I like the concept. And if it increases your overall equity it puts you in a stronger position regardless. Not having visited yet (bad brother) I don’t know much about the overall housing composition of Clatters Bowers, but no doubt you do. The kind of housing that sells better (old fixer-upper or new brick and tile) could impact on the overall result, and there might be more overall benefit in having a higher cost of building/moving a home to the block if it means the end profit is higher.
Of course, that cash has to come from somewhere!
Only downside would be doubling of loan repayments… but apart from that its highly workable.
I like that statement……. only downside is….
Pffft thats not much of a downside is it now…?
Generally, I like the idea…. rent out cheap property to family member…..
Hey…..you’re only suggesting that because you’re the southern-most sibling again!
so what is going on the new block
So, hows it going?
Hi…haven’t looked for ages…it all sound like fun as long as you have all the stuff checked out…I’m with euphgirl…ALWAYS listen to your mother!! Coming south for the hols?
Hey Joe! Hope you received the copy of National Geographic I sent you… The article on the shroud of Turin was really interesting. Yes, I read it before I sent it to you. I think you’re allowed to do that with 28 year old magazines. Have a happy birthday tomorrow! Bless you buddy.
HAPPY BIRTHDAY MONDAY
birthday is a good day to do something unusual
guess you could … ummmmm
go to work
Happy Birthday. 28 I think?? Are we going to see you soon?
H A P P Y 28 th B I R T H D A Y J O E !
Have an excellent day – holidays soon yay.
HAPPY BIRTHDAY JOE
( Will send Gma’s card tomorrow. We will be talking about and thinking of you today at the hosp.)
A Shirl & U Don.
Congrats on reading the site it seems that there are many things going on for you. Staci and I and the kids wish you all the best and hope to hear from you soon. Email me and ill send u the new email and house number since a lot has changed since we spoke last. Talk to u soon Dave Chapman
30 days?