First-time buyers: The quarter acre dream lives on – for only around $400,000

Finding an affordable property is hard – but there are still some gems out there. Each week, Homed is featuring a first-time buyer-friendly home on the market that might (just about) come in within budget.

Masterton may not have the dress circle gloss of Greytown, or the suburban respectability of Carterton, but the Wairarapa town does have something you’d be hard-pressed to find in the others: The quarter acre dream is still possible.

This 1928 bungalow at 5 Johnstone St, Masterton, is looking for a new owner who can bring the home into the 21st century. With four bedrooms, and a sunroom, as well as a kitchen-diner and separate living room, the 140m² home has plenty of space for growing your family, or multi-generational living.

But the real magic is just outside the French doors off the living room: a little more than a quarter acre of section (1062m²). Just like something from the good old days.

“[The owner] was an avid gardener with a flourishing vegetable garden and shared the produce with his neighbours. There are passion fruit vines along the fence, a grapevine, a lemon tree, raspberries. You could have a beautiful ornamental garden out there, too.” says NZ Sotheby’s International Realty agent Sophie Kittow, who shares the listing with Cherie Hutchings.

“When I look from the back, up to the house with a little imagination there is a hint of Mr. McGregor’s Garden [from the Peter Rabbit books], because of that classic green and cream paintwork. It’s got the whole English cottage feel. With a little bit of work and love it could just look very homely.”

An estate sale, the property was a well-loved home for 25 years before the owner died.

The inside already has the homely-feel all sewn up. Most of the timber in the original part of the house is native heartwood, and in what is now a dining room, there’s a vintage Shacklock, Orion cast iron coal burning range. While it’s not clear if it’s still in working order, it’s been well-kept as an ornament and is surrounded by a native timber fireplace.

The living room has board and batten ceiling, and a consented log burner that’s been put to good use over the years.

Masterton is about a two-hour train ride from Wellington CBD, so not a casual commute to the big city. But the town has a hospital, several colleges, and other school options.

“The majority of the secondary schools are there,” says Kittow. “You’ve got the big sports fields with the rugby fields and netball courts just down the road from this property and the local dance school is a short walk away. When you’ve got children it is a good place to be based.”

For sale by deadline, which closes on September 19, Homes.co.nz estimates the bungalow to sell for between $390,000 to $510,000. Considering the size of the section, that is a bargain.

If you’re waiting for the other shoe to drop, it’s this: Because of its age, the home does need some work, including some weatherboards, roofing, wiring and plumbing. It’s not up to Healthy Home standards for rentals, so the vendor has commissioned a comprehensive independent building report, which will be made available to prospective buyers.

Normally, a home in need of work might not be the best, or most popular option for first-timer buyers, however, we decided to share it, because the property has so much potential – especially compared to what you could get for the same price in one of the main centres (i.e. not a lot).

It’s possible that cashed in first timers who might still be struggling to get into the Auckland market, could reap dividends with a property like this.

While subdivision has not been consented for the property, both sections on either side of the home have already been subdivided, which suggests it is a possibility.

If you got consent, and you were able to build on the section yourself, or sell it as is, it’s possible you could knock a huge chuck off your mortgage.

“It’s got good street appeal, too,” says Kittow. “It does look lovely from the front. It’s just got space and opportunity to really make it into an idyllic, contemporary home.

“It’s got great potential, but you will need to spend money, amongst others, on those odd bits of weatherboard, the roofing, and getting some of the wiring up to spec.”

As ever, readers are advised to do their own due diligence whenever considering buying a home. For a guide to buying your first home, listen to First Rung, a Stuff Homed podcast.