20 Ferrabetta Avenue Eastwood NSW 2122 – Buying a House Checklist

20 Ferrabetta Avenue Eastwood NSW feature imageThis is a Property Review at 20 Ferrabetta Avenue, Eastwood NSW 2122.

In this Property Report I provide a brief summary of what a Buyer needs to check before making an offer or paying a deposit for the property.

To purchase the COMPLETE PROPERTY REPORT for 21 McMichael Street, Maryville, please click here to contact me. 

As always, my aim is to give you Expert Advice, So You Buy the Right Property. 

 


Property Listing Details for 20 Ferrabetta Avenue, Eastwood

Click here for the Realestate.com.au online property listing.
Click here for the Domain property listing.

27 November 2018 – The property was listed for sale for $1,375,000

19 January 2019 – The asking price was reduced to “Buyer’s Guide $1,150,000”.

That’s a $225,000 drop in asking price or 15%!

12 February 2019 – A further reduction in the asking price. The listing was changed to “Buyer’s Guide” $1,050,000

From the original asking price, that’s a drop of $325,000 or 23%

23 February 2019 – The property was registered as being SOLD for $1,175,000


1. Who is the current owner of the property?

Current Owner: Mckew

The details of the current owner can be found in the property sales contract. You can get a sales contract from the Real Estate Agent who is selling the property.

You can do a Property Search using Pricefinder to give you the owner’s name.

2. Property Sale Date – has the Property Sold in the last 3 years?

My Property Expert - Order your Full Property ReportThe property was not sold in the past 3 years.

There is no record of the previous sale in Pricefinder meaning the property was probably purchased some time ago.

Take note of the date of purchase and how long the current owner has owned the property. If the property has had the same owner for less than 3 years then it’s a ‘red flag’.

It’s a red flag because the cost of purchasing a property is significant. An owner would not sell unless they had good reason to.

3. Who is Living in the Property Now? Owner or Tenant? 

The property is owner occupied.

An Owner Occupied property is likely to be in better condition than one lived in by tenants. Owner’s tend to look after their place better especially if they want to maximise the sale price.

Tenants are less likely to care how much the owner sells the property for. The biggest concern for a tenant is whether the new owner will move into property.

4. Has the Floorplan Changed? Any New Bedrooms or an Extension?

Yes, see comments below.

A property can go through many alterations as the owner’s requirements change. Bedrooms get added, kitchens relocated, living space created at the back of the house.

Any alterations from the original structure is fine as long as it built and designed well. This is not always the case. I have often found building issues where the original and new structure join. Or where rooms have changed their use – like a bedroom becoming a bathroom.

Here are some specific comments about the floor plan for 20 Ferrabetta Avenue.

This is a floorplan of 20 Ferrabetta Eastwood
Check the floor plan of the property. Go room by room and identify an issues with the Real Estate Agent

* The Family room looks to be an extension to the original house. Any extension needs to be checked by a building inspector for leaks and workmanship (more so if the extension was built a while ago)

None of the 3 bedrooms has a wardrobe. Keep in mind, each new built wardrobe will cost $1,000 + each. 

* Take note that the laundry is external to the main part of the house which is inconvenient. Often an owner will relocate an external laundry inside the main part of the house, like into the kitchen area, but it can be costly if you don’t have the space or the plumbing available.

* Bedroom 3 is small. To give you an idea, an averaged sized bedroom is over 9 sqm.

5. Check the Sales History of Surrounding Properties
In this search we are looking for individual properties or groups of properties with higher than average ‘turnover’. So we will search for properties sold twice in the last 3 years.

Properties located on or near a main or arterial road for example might have higher ‘turnover’. These properties will be affected by traffic noise and car pollution. But, a prospective buyer might not be fully aware of this….until they move in.

The Pricefinder search came up with 3 results based on the properties sold in a 150 meter radius and within the last 3 years

  1. 7 FERRABETTA AVENUE, EASTWOOD, NSW 2122
  2. 20 WOORANG STREET, EASTWOOD, NSW 2122
  3. 171 NORTH ROAD, EASTWOOD, NSW 2122

7 FERRABETTA AVENUE, EASTWOOD, NSW 2122

Pricefinder property sales history of 7 Ferrabatta Avenue, Eastwood NSW 2122

20 WOORANG STREET, EASTWOOD, NSW 2122

Pricefinder property sales history of 20 Woorang Street, Eastwood NSW 2122

171 NORTH ROAD, EASTWOOD, NSW 2122

The owner at 171 North Road, Eastwood NSW 2122 made a 2%  loss by selling soon after purchasing the property. Add in the costs of buying the property (usually 5% to 7% of the purchase price) then the loss is magnified.

Pricefinder property sales history of 171 North Road, Eastwood NSW 2122

Given the owner of the property was a company and not an individual, and the property sold in a 2 year period, it’s likely the property was a property flip – where a company buys, renovates and sells a property.

Do a walk-by of each property and speak to your local Real Estate.

Ask yourself, is there an issue with the property that may impact on the property you are looking to purchase? (Close to main road, water easement issues etc). When buying costs are so high, is there a reason why the owner(s) sold their home so quickly?

6. It will be annoying living next to a bad rental property!

Rental properties with a high ‘turnover’ of tenants can indicate the property is poorly maintained.

The issues that cause tenants most concern (and then to leave) are mould issues, poor heating & cooling, repairs not getting done, water leaks, insect infestation etc.

These are not issues that directly impact the property you intend to buy. However, if a neighbouring property has high tenant ‘turnover’, new tenants will be moving in and out all the time. That’s annoying!

If you don’t know who your neighbours are then it can reduce the security of the neighbourhood

By ‘turnover’, I mean 2-3 new tenants in 5 years.

This search was not completed for this report. 

7. Check the Owner Occupied to Rental Ratio

The Owner Occupier to rental property ratio indicates the % of owners to renters living in a suburb, a street or an area. It’s important to know who is living around you as this improves your awareness and safety of the area

For 20 Ferrabetta Avenue, Eastwood you can check the owner occupied to rental ratio by:

1. Suburb

2. Street

3. Neighbours

This search was not completed for this report. 

8. Check the Council and Planning Regulations

Knowing what your neighbours can build and what activities they can operate on their property is just as important as what you can do on own.

Even if you are not intending to build anything, there is vital information in the Council planning reports which you should be informed of before you purchase your property.

The planning rules will tell you what you can build on your land, what the neighbouring properties can build (e.g. a house or high rise), whether you are in a flood/fire zone, the location of your sewer mains, whether you can build a granny flat in your backyard.

There are building planning rules set out by local Council (along with State/Territory). Each Council has a broad set of common planning rules that are adapted to accommodate the local environment.

9. Check the Property Attributes

The ‘property attributes’ in a listing will show the number of bedrooms, number of bathrooms, car spots etc.

Number of bedrooms – Cross check the number of bedrooms in the property attributes, the floor plan and Real Estate Agent’s description for the number of bedrooms.

Sometimes there is a discrepancy in the attributes of the property which results from physical changes in the property (like adding an extra bedroom of bathroom) without updating council records or the state land titles office of the change.

If an extension or addition was built illegally (without Council permission), there could be a discrepancy. It’s a red flag and worth cross checking council records, floor plans etc. Also ask the Real Estate Agent if he or she knows anything.

This search was not completed for this report. 

10. Check the Listing Suburb

Real Estate Agents will change the suburb on a listing to attract more buyers to view the property.

This search was not completed for this report. 

11. Check Old Property Listings

By reviewing the old property listings (by Real Estate Agents), this will increase your understanding of how the property has been renovated or altered over the years.

This is done by comparing the sales descriptions and old photos taken when the property was previous sold.

This check was not completed for this report.

12. Compare previous and current floorplans

Check to see if there have been any changes to the floorplan of the property.

In a house look for extensions, particularly at the back. Look for walls that have been removed to create space. Often you will see a kitchen and living space combined to create open plan living.

For units and apartments there are a lot less changes an owner can make to the floorplan. However, over the years I have seen some so keep an eye out. Look for new walls and walls that have been removed. Sometimes the kitchen or laundry is relocated to another part of the unit.

This check was not completed for this report.

13. Check how many Days the Property has been Listed for Sale (Days on Market)

The Days on market indicates the number of days the property has been listed for sale with the particular Real Estate Agent.

When a property takes longer to sell than average then you must do some further investigation as to why?

The longer a property stays on the market, the more suspicious buyers become. Buyers will often suspect there are building or other related issues.

If the property stays on the market too long (versus say the suburb average), then the property becomes “stale”.

Listing Date: 27 November 2018

Days on Market: 43 Days (as at 9 January 2019)

20 Ferrabetta Avenue, Eastwood has been listed for 43 days (at the time of writing).

Whereas, the average time it takes for a 3 bed house to sell in Eastwood is 40 days (according to data from Domain).

Days on market for 3 bedroom house in Eastwood

 

14. Check the Shape of the Land

One reason the shape of the land is important is if you have future plans for an addition to the home, a knock down & rebuild, a swimming pool etc.

To design a rectangular shaped house on a rectangular shaped block of land is quite straightforward. However, with an irregular shaped piece of land, it may make it more challenging to design a house to suit the dimensions of the land.

There will be restrictions on the location of the house, the height of the house, where a pool can be located etc.

Should you have concerns about what you can build on the property, speak to Council or a local Town Planner before purchasing the property.

The land at 20 Ferrabetta Avenue Eastwood appears to be a typical shape (rectangular) – see image below

15. Check the Dimensions of the Land

The land dimension is approximately 15.9 meters at the front and 15.5 meters at the back.

The left boundary is 40.2 meters while the right boundary is 39.6 meters.

Land dimensions and land area for 20 Ferrabetta Avenue, Eastwood NSW
Aerial image from Nearmap

16. Check the Property Sewerage Diagram

The Sewerage Service diagram is usually found in the contract of sale. It shows where the private house sewer lines connect to the authorities wastewater system.

This specific search was not completed for this report. 

17. Check Development Applications

Searching through Development Applications will help you locate any building works going on nearby. Then you need to assess if the development application has any impact on the value and enjoyment you have in your home.

The search results of nearby Development Applications (D.A) is shown below. It appears Eastwood is a popular suburb for new houses, units and dual occupancies (like duplexes).

Lets take a look at some of these applications to determine if there is any impact.

Development applications for properties located near 20 Ferrabetta Avenue Eastwood

Comments on 24 Ferrabetta Avenue, Eastwood
– Is 2 houses up from 20 Ferrabetta Ave and the approval was given over 1 year ago
– They are building a 2 storey house
– Looking at the aerial photo taken 27 Dec 2018, the house appears nearly complete.

Comments on 8 Woorang Street, Eastwood
– The application is for a demolition of an existing house and building 2 houses in it’s place (dual occupancy)
– Given this property is on a street behind, but not directly behind, 20 Ferrabetta Ave it’s unlikely to have any impact

18. Have you checked for nearby electrical substations, telecommunication towers or green electrical boxes?

In the surrounding area of your target property, find out where the local utilities are located. Look for mobile phone towers, electrical substations and green electricity boxes, which are sometimes called kiosk substations.

Whether you believe there is a health issue living near these utilities, they can be unsightly and may affect the resale value of your property.

Check the area for:

Telecommunications Towers

Electrical Substations

Green Electrical boxes

Check for Telecommunications Towers

According to the OzTowers website, there are telcommunications towers located near the property at 20 Ferrabetta Avenue. Some are currently active while others are ‘proposed’.

Click here – to view the Telecommunications Towers located near 20 Ferrabetta Avenue Eastwood

Check for Green Electrical boxes

Doing a search using Google Maps, no green electrical boxes were located on Ferrabetta Avenue, Eastwood.

19. Check the condition of the roof

Do a check of the roof as part of your initial checks on a target property. When you get your offer accepted, engage a Building Inspector to conduct a thorough inspection prior to purchase.

If there are clearly different sections of the roof or a combination of roofing material used, this could indicate the property has been extended at some point.

The image below highlights the extension, most likely built from colorbond, at the rear of the house.

Picture of roof at 20 Ferrabetta Avenue Eastwood
The colorbond roof is the extension to the property. The extension was built for the living room.

20. Check the location of any large trees

Look for any large and mature trees on your property, or the neighbour’s property, that are close to the any structure on your property (such as the house, carport, swimming pool etc).

When trees grow close to the house, it is possible for the roots to spread from the base of the tree, travel under paved and concrete footpaths and disturb the foundations of the house.

If you have concerns about particular trees on the property, contact a local arborist.

A specific search was not completed for this report. 

21. Check the External Walls of the house

Using current and older street photos of the property, you can compare what renovation works the owner has done to the external walls of the house.

A specific search was not completed for this report. 


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