[Done Deal] Private Home and Income on a Quiet Street
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Deanwell, Hamilton Beds Bath 150 m2
This property was secured through our Premium Buyers Service. Our clients are based overseas and wanted to buy back home in Hamilton, however they lacked specific knowledge of suburbs and also the connections/ability to view properties and complete comprehensive due diligence. The brief was simple; multi income and a decent area that will attract good tenants.
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This property was an off-market deal that our agent sourced for their Premium Buyer Service clients, who ares based overseas. This property matched the requirements our clients had to purchase, and while off-market does not always mean it is better value, in this case Ben was able to show with a number of on-market comparisons that this was great deal. Our clients jumped at the opportunity to secure it.
During the due diligence process, we found some issues: rotting timber in places and the roof needed repairs. There were also some internal upgrades needed. Ben renegotiated the price to allow for these items, and we sourced quotes for our out-of-town buyers to be able to repair the property, using tradespeople that we were happy to recommend..
The original dwelling, built in the 1970s comprised of three bedrooms, a large deck and reasonable fully fenced outdoor space. The outside of the house had been painted recently and was in reasonable condition for a long term rental. There was also a large concrete parking area and garden shed exclusive to this house. Location is fantastic, close to Waikato Hospital, parks, schools, early childcare and Glenview Shopping Centre etc. Hamilton Airport and main arterial routes are close. Here, the client was also buying in an area where most can afford to rent - a key consideration when buying a rental property - weekly rent was $600pw.
In addition to the main home, there was a modern 2 bedroom dwelling that was completed in 2021. There was virtually nothing needing to be done here. This standard 2 bedroom dwelling and was built on site, and all relevant council and building paperwork was sourced and assessed through the due diligence process. The back unit here gets exclusive use of the garage which is a big draw card for a 2 bedroom dwelling, making it a lot more attractive than most 2 bedrooms on the market and allows a higher rental income - $500w.
Congratulations to our buyers to secure this great property with no other competition and all while being able to do this from outside of New Zealand!