Viewed a property today and it was priced around the 80k mark. 3 bed end of cul de sac with a massive garden. Over 600sqms of land alone (over 700sqms in total). The house itself was decent. Needs modernising but a nice little 3 bed with potential. Built around 1946 with wood, concrete and steel construction I was told.
Now I had intended to buy this as my first rental property. Mainly cash with a bit of mortgage. I intend on getting a structural survey done before hand.
Just wondering if anyone has any experience of buying, selling or renting non standard construction properties. I'm thinking for the price its a good investment as a long term rental property and worse case scenario is worth some value as a land if the property structurally deteriorates to the point of uneconomical repair .
I've read these types of properties can be repaired and once PRC certified will hold value again. Any idea of the costs or work involved? would i be better off renting for a few years and then getting these works carried out?
Would appreciate any advice.