Andrew Winter explores some of the pros and cons of buying a property with restricted access.
It's hard to remember sometimes that we all live on an island – but there are big islands and then there are small islands! Buying a property in a location with restricted access comes with its own set of challenges.
Land prices on islands can be cheap and those hard to get to peninsulas have attractive price tags but think hard before you part with your money.
The cost of building in these kinds of locations can be double the square meter expense of an urban location.
If you’re really dead set on the idea then modernizing an existing property would be cheaper – or better still consider a kit home.
So you’ve found your dream location – bought your island pad and anchored your dinghy - and then the unthinkable happens…. the housing market slums
Properties in areas that are hard to get to are more susceptible to market crashes and booms than any other.
When the market is strong people snap them up because they seem cheap – but in the dark days things are very different .
If you need to off load your property quickly you could be in for a shock – it can take years.
Even in a strong market people looking for island life are a small demographic - lots of people look but few commit
If you plan on owning a property like this for 10 years or so - my advice would be to put it on the market as soon as you settle!
At some point in your property search you may have come across a battle axe block.
This is simply a large block that has, at some point, been sub divide.
This type of living is not everyone’s cup of tea – and the front half is considered better than the rear -which is usually down a long drive and has no view.
At the end of the day your home may be your castle but really you don’t want it to be inaccessible.