[SOLD] Opportunity to Modernise in Lower Hutt
Churton Crescent, Taita, Lower Hutt - BEO $365,000
Solid do-up option with "good bones" and upside in a nice part of Taita in Lower Hutt.
This 1940's era large family home, a stones throw from Fraser Park on the city end of Taita, presents a great opportunity for an investor to modernise over time a 4br property that is structurally sound and well laid out with the added bonus of a sleep-out attached to the garage.
Both the main house and the sleep out appear to be insulated and when we visited the property it was warm without the heat pump (included) running. The house has been lived in by the current owners for over 10 years and while rentable, has some deferred maintenance, most of which is not urgent.
- Roof: Concrete tiles
- Walls: plaster board with a plaster finish
- Bathroom: Shower is new, the bath is fine and could use a clean, new flooring (vinyl) recommended.
- Bedrooms: dated but rentable and warm, an opportunity to modernise over time.
- Kitchen: functional but a bit dark and old. The appeal of the house would be improved with a new kitchen and perhaps opening up the kitchen-dining area.
- Wiring: appears to be modern
- The house comes with a heat pump, HRV and a security system (may need servicing).
- There is a laundry space
The home is at a good price in this market, it's nice street appeal will mean the property could eventually be sold to a home buyer or an investor.
In its current condition the property is expected to easily rent for $450 pw. There is a huge demand for warm homes in good condition and not a lot of 4br+ properties available in the area. An internal cosmetic renovation could see the rent push closer to $500 pw.
As it stands the property would be approximately cashflow neutral in a good part of Taita on 100% lending, 4.5% interest, 2 weeks vacancy and including PM fees, mean it would cover its costs while you invested in and improved it over time.
Taking a longer term view, the garage/sleep-out to the rear of the property appears as if it could be converted into a self-contained 1br or 1br + study unit, which would rent for upwards of $200 pw. You would need to review this with a builder and council first.
All in all, this is a good opportunity in a price bracket in a market that is very active right now. Call me to discuss and I am happy to talk to investors new to Lower Hutt and Wellington through the market.
Walking distance to Fraser Park in one direction and the Taita Netball Courts in the other.
20 minutes walk to Taita college.
20km (23 minutes drive) from Wellington CBD.
5km (8 minutes drive) to Westfield Queensgate and the Lower Hutt shops.
Licensed Salesperson - REAA 2008
021 225 5753