Anyone know how to find display homes that are for sale in Melbourne? They don't typically go through real estate agencies
How to Find Display Homes for Sale in Melbourne ?
cr7 on 19/12/2015 - 02:30
Last edited 19/12/2015 - 09:43 by 1 other user
Last edited 19/12/2015 - 09:43 by 1 other user
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I think you need to be in contact with the builders - they are usually already sold by the time they get to the display village stage. You might have some luck making contact with smaller and independent builders rather than large companies. We bought ours from a smaller builder. He had a couple of homes for sale in the village we visited and a couple more in a different location. Of these, one (the one we bought) was for sale.
We did have contact with a different builder some years after we had bought the first one and would have loved to buy their display but he told us that it was already sold before it was even built, and that this was the usual state of play.
Feel free to ask if you have questions about the whole experience.
Out of interest, what is the advantage of buying a display house, versus a regular one?
A Tenant that takes care of your investment.
From personal experience, I have found that getting a loan against a display property is very difficult and many banks do not want to lend against a display homes, I believe that this is due to caveats that display home (or venues such as homeworld) place over the properties, not impossible but difficult. I also found that insurance is also much more expensive.
As per another post we bought directly from a builder but If you know where a display village is then you can just search realestate.com.au for the particular area, I have found display homes to be hugely over-valued due to the 8-9% rental returns this is particularly the case if you buy at the start rather than the end as the over-value is essentially the rent, I have seen investors sell for less than the purchase price but assume the tax benefits would justify the loss as our lease allowed many deductions prior to occupying the premises and a 8.5% rental return.
Hi cr7, your best bet is to do a Google search on housing estates, then go to the developers or builders' sites (e.g. Dennis Family, Porter Davis)