February 6, 2010 at 7:08 pm #251336
We are in a dilemna and need some input. PLEASE HELP.
We have sold our house finally (well the contract should be signed tomorrow) and we have put in two offers for two different properties and both were accepted. OMG! There is a long story behind both of them which I won’t bore you with right this second, but needless to say, both have their own up and down sides. So the problem is which should we choose?
They are listed on realestate.com. and here are the urls…..
Can you give me your opinion on which you would choose. We need to decide really really quickly and we have been going over and over them.
I would really appreciate your input.
KerriFebruary 6, 2010 at 7:37 pm #452668
Assuming that location & access to facilities works for you in both cases… It comes down to your energy levels. 🙂 2 acres can give you a lifetime of satisfying gardening. 147 acres can give you a lot of weed control.
If their soil quality & rain potential are equal & the 147 acres was in reasonable condition with decent soil, that would be my choice. I would be weighing up space, privacy, permaculture potential & the chance to offer some habitat back to wildlife.February 6, 2010 at 9:04 pm #452669
I suppose it comes down to what is the difference between a 2 acre block and 147 acres, particularly in upkeep.
Maybe those who live on bush blocks can give you some idea….I wonder whether you can just leave big parts of a bush block alone – after all Bill Mollison says “leave the bush alone” – although would you need still to do weed control and fire control ??? and fencing perhaps.
BTW, it looks like the decision may be made – the 147acre one has under contract on it…
Good luckFebruary 6, 2010 at 9:06 pm #452670
The 147 acre property looks like it has Stand alone solar, no mains power and from the look of the panels it would be only enough to run a few lights. We own 30 acres, stand alone solar power.
We love the property we live on, away from neighbors, do what we want with no one watching all the gardens you want.
Downsides are stand alone solar is expensive and a huge life style adjustment. The cost in time alone to manage acerage is huge then there are tractors , fencing, water systems, roads etc.
If you have plenty of money to upgrade the 147 acres in terms of housing, electricity, water etc and that is really what you want then consider it.
if you are borrowing money or have a loan and are dont have excess income and time to spare then I would look at the 2 acres.
MaxFebruary 6, 2010 at 9:08 pm #452671
They’re on opposite sides of the state. How on earth did you arrive at those two places?
How much of the 147 acres is usable and how much bush/forest?
Do you want to run stock or some other kind of farming?
What is the climate like at each place? Does it suit what you want to do?
Good luck deciding.February 6, 2010 at 9:17 pm #452672
Please understand I am not an expert in real estate at all, and I have no knowledge of those areas at all, I would go with the Timboon Colac Road property, but these are my thoughts:
* The brick house may have better resale value, being an actual house, and even if you are thinking you’d not be reselling, if for some reason you had to, which would sell better
* Do you have machinery/ cars/ vehicles/ horses that need all those sheds/ area? If you intend to ‘farm’ all the 147acres, will you have to buy machinery? How much will that cost, as well as ongoing maintenance/ fuel etc? Will you be buying it to run it as a business?
* Is the 147 acre property ALL solar powered? How is it set up for emergency situations? What is the inside of the residence/ shed like? How comfortable to live everyday?
* Can you afford to buy the brick property, and add solar panels/ rainwater tanks etc. to it (with rebates)? Is there any established fruit tress/ vege beds etc. at that property?
* The brick house is set up now to be comfortable, whilst you turn it into your dream property.
I’d also want to know, what are the communities like in those areas? What are the council restrictions for doing things to the properties in each area? Which will be more ‘supportive’ of the lifestyle you want?
Good luck…February 6, 2010 at 9:46 pm #452673
for lifestyle alone sale is a lot better than colac…..sale has large town close to beaches,fairly reliable rainfall,much better climate than colac
but in saying that i wouldnt live in either place,there is alot nicer places around than those two places….February 7, 2010 at 12:33 am #452674
FWIW, I think your biggest problem is “we need to decide really, really quickly”. Real estate is too big and too hard to change for quick decisions.
TAKE YOUR TIME
First, you don’t even know for certain that you’ve sold your present place. The last thing you want is to be committed to a purchase if your sale falls through.
Second, you’ve made offers on 2 wildly different properties a zillion miles apart. That doesn’t sound as if you’ve got a very strict list of requirements. Maybe sitting down together and making a boring list of must have; like to have; don’t want; can’t tolerate items will help you decide.
Third, sounds like you’re looking to move straight from what you sell to what you buy. I understand this very well because our place took 18 months to sell and I’m busting to get started on our new life. But we ended up renting in the area we want to be, and truly it’s been brilliant. We’ve visited here a lot, but even in the process of moving to our rental we learnt more about the things permanent residents need to know than we’d learnt in years of visiting.
I don’t know anything about your financial position, but I’d suggest you think hard about putting the money from your sale into a high-interest account and renting for a while. Moving twice is a pain, but buying the wrong property would be a much bigger one.
TAKE YOUR TIME
AhningFebruary 7, 2010 at 1:49 am #452675
I agree with what Stark has said .. good luck with it all :tup:February 7, 2010 at 2:23 am #452676
Thank you all for the replies.
I know it sounds like we are being impetuous but in reality the Stradbroke property has been under contract to us for more than 6 months, awaiting the sale of our house. Even though we had chosen that property we did not stop looking around, just in case we could find something that we liked and to make sure that we were not making a mistake. Actually I put a post in about that on the forum ages and ages ago.
The biggest draw back with Stradbroke was the lack of a more shall we say ‘real’ house and no electricity. The land itself does not have the greatest of soil and is slowly retreating back to its bush like state with about 2/3 of it cleared. But it is an absolutely beautiful place being pretty close to the ninety mile beach and the city of Sale. The climate is great and it is an area that I am more familiar with.
There is not that much around for sale in Victoria that comes close to our criteria, which includes price and location. My ideal place would be 10 or 20 acres in Neerim South with town water, electricity and a decent house with outbuildings and dams. And that ideal would cost no more than $200,000. This DOES NOT exist, hence the search.
The area around Timboon is beautiful, the climate is great. They are not in drought there and the property is about 1/2 an hour from the Great Ocean Road and is central to a few small towns and not too far from Colac and Warnambool. The property does have a 3 bedroom house, however it needs a lot of work and there are NO sheds. The house is the old farm house and the 2 acres has been cut off from the original farm. It is on quite a busy road and the soil is very clayey.
Both properties have their good points and their bad points as some here have noted. My heart is drawn to Stradbroke and my head seems to be saying stop, look and listen before proceeding.
One of the things that is good about the Timboon place is the potential to do it up and sell it for a profit, but that is not the dream we had when we started this process. Stradbroke may never be worth a million dollars but the peace, serenity and opportunity to spread out a bit feels right.
As I said they are two different options and although we know that both require work and commitment to bring them into line with their potential the monetary cost would be about the same. We know that 147 acres is a huge responsibility but really we will only be using quite a small part of it and either ask someone else to take on some of it or let it retreat back to bush. I would love someone to share this block and we are discussing ways that that could happen, knowing that if we did subdivide it legally then the new owners would not be able to build a house on land less than 100 acres. But there are other options such as leasing or title share and we already know that we can get permits for 2 houses so that could be a good idea.
Anyway, I know I’m rambling, but I just wanted to say thanks for listening and offering your opinions.
KerriFebruary 7, 2010 at 3:26 am #452677
I would look at the legalities of this situation very carefully, you say that you have put in offers on two properties and both have been accepted. have you signed contracts for both properties?
You say that the Stradbroke property has been under contract to you, awaiting the sale of your house, I am assuming that you had a “subject to sale” clause in that contract.
Once you sign a contract to purchase a property and all conditions of that contract are met then you are legally obliged to buy that property.
If you have signed contracts on both properties, then depending on what conditions you put in (subject to sale, finance, building inspection etc) you may end up in a tight situation being forced (legally) to buy both properties. If all conditions have been met, then the only way you have of pulling out of the contract is through the “cooling off” period which happens after the “Form 1’s” are served (you have 2 working days after being served with the Form 1’s to “cool off”, to pull out of the contract without needing to give reason).
With out knowing exactly where you are at in the offer/contract stage this may be completely irrelevant, but it had alarm bells ringing for me.
Probably not of any help with your original question, but having just gone through the whole buying a property (which the owners had already put in an offer on another property subject to the sale of their property) and selling our house, I have learnt a great deal about the contract and legalities side of real estate.February 7, 2010 at 3:41 am #452678
The offer to buy stradbroke was made verbally months ago and the owner didn’t want us to sign a contract until our property was sold (she is a bit odd from what we can make out), so to answer your question, we haven’t ‘signed’ anything yet on either one. The offer on the place near Timboon was made verbally last week and they are in the process of writing up the contract.
Okay I know that we sound awful because we intend to let one or the other down at the ninth hour, but it gave us the weekend to fully make sure and decide on which property we want. Does that make sense?
So here we are, and okay short of the buyer of our property failing to sign up tomorrow we are having to make THE decision.
We are still mulling it all over so if anyone else has any ideas or opinions, please let me have them because I am interested to find out what everyone is thinking and okay if you think we are mad then let us know. We are big people and can cope. (to a degree, lol)
KerriFebruary 7, 2010 at 3:41 am #452679
In Victoria is there a cooling off period once the contract is signed?February 7, 2010 at 3:45 am #452680
If you but the 147 acres to farm….what you will farm will determine if you need machinery……A number of farmers contract crop planting etc out….If you decide to crop then I suggest a perenial crop as oppossed to an annual… Don’t get sucked into expensive out lays on machinery…if you are in a farming area most farmers will give you a chop out……..Go with you heart it may be more work…..but often it’s more rewardingFebruary 7, 2010 at 4:02 am #452681
Dont forget to consider rates on both properties, especially if they are both able to take livestock. You will be charged a livestock fee, even in you have absolutely NO animals on your property. Look into the fees and charges of having acreage and which one suits your needs better with respect to these extra’s that loom closer for you.
Hope your descision is sound, and that you enjoy your life in the new direction you take. :hug:
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