property changed hands every 3 years in the last 12 years

[shami]

I was interested in a property at West AK. When gathering details about the property found it changed hands few times in the last few years - Sold on 1999,2000,2003,2006,2009.
Is this normal ?
Should I worry about this or if I go with the builder's report, LIM and satisfied, its fine ?

It was once in the market last year and was taken back. When I asked the agent the reason, he said the vendor didn't get the expected price and so he took it out of the market.

If it was you, what would you research further ?

[Keys]

Prices paid on each occasion.

[shami]

2000 - 150k
2003 - 168k
2006 - 293k
2009 - 300k.

[Shane D]

2000 - 150k
2003 - 168k
2006 - 293k
2009 - 300k.

hehehe...the moral of the story here...hang onto the house (buy and hold) and use the increase in equity to leverage into further properties.

Have you checked out all the neighbors? It could be that one of them is a right pig or party animal.

Another thing to check might be flooding/drainage of the property.


Shane

[jimO]

my first house was like that the longest anybody lived there was 4 years, it was built in the 50s, i bought it in 1979 when i was 19 and stayed for 12 years, some houses in some areas are like that i paid 21k and sold it for 129k

[shami]

Thanks Shane.
Can the flooding and drainage be checked in LIM or any other way to check it ?
Thanks for sharing your story jimo.

[GenY]

Shami find out when it was built, stay away from late 90s early 2000s or anything monolithic
if your ballsy enough talk to the neighbours at next open home

[Shane D]

Thanks Shane.
Can the flooding and drainage be checked in LIM or any other way to check it ?
Thanks for sharing your story jimo.

Shami,

The info is probably not on the LIM. Like another poster commented, its a great idea to chat to as many neigbours as possible. Or best is to talk to the tenants if its rented.

I love to start conversations with tenants of houses I am looking to buy (if its not owner occupied). They are usually so straight forward and forth coming when it comes to answers your questions about problems with the property. The Real Estate agents absolutely hate buyers talking to tenants but there is not much they can do once the conversation is under way :-).

Shane