Cent Estate
The Key To Buying Older Real Estate In Perth
The average West Australian home is about 30 years old. This is not too surprising, however it is unusual that around 40 per cent of our housing stock is roughly the same age and rapidly in need of upgrading. In other Australian cities there is not such a large proportion of housing of similar vintage, because Perth experienced an unparalleled housing boom in the 1960’s and 1970’s.
Aging real estate in Perth has laid the foundation for new property redevelopment. There are also opportunities for Perth Real Estate investors to benefit from this by purchasing older properties suitable for redevelopment, renovation and re-sale, but you should check with your tax adviser firstly about property depreciation deductions on new expenditure.
Some homebuyers in Perth would not be accustomed to buying older properties that might need upgrading. For these people it is important to keep in mind that over time two things occur to most properties. First, the value of the land goes up and second, the value of dwelling depreciates. As the rate of land value increases, it will often outweigh the depreciation of the building, and so the value of the dwelling is close to the actual land value.
These ‘block value’ properties are keenly sought by investors because there is very little depreciation left in the dwelling to diminish from the on-going increase in the land value. It is a bonus if the dwelling is still in good condition and rentable.
Older properties are also good starter homes for first homebuyers in Perth. These buyers often start with a small deposit and it is important that they benefit, at an early stage, from swifter increases in the value of their property in order to build up equity to enable them to upgrade later on.
When you purchase an older home it is strongly advisable to undertake a professional building inspection and obtain a report on the structural soundness of the dwelling. Naturally there will be understandable wear and tear in an older home which is largely cosmetic and easily repaired. This should not be confused with structural soundness, which is more about the ‘bones’ of the home and usually means there is no significant detectable damage to the its main structure, including the foundations, walls, and the roof.
A building inspection should uncover more usual wear and tear and might include a worn-out solar hot water system, rusted gutters and broken tiles to more costly items like faulty electrical wiring.
From a buyer’s perspective it is important to firstly clarify the structural soundness of a property with any issues that arise being discussed in negotiations over the purchase. On inspection of a property you should also become aware of any upgrades that are required to the property and which can be attended to at the discretion of the buyer.
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