Beach Shacks

Discussion in 'Where to Buy' started by dreims, 23rd Dec, 2008.

  1. dreims

    dreims Dave

    Joined:
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    Melbourne, Victoria
    Does anyone on this forum know anything about beach shacks at all.
    If your prepared to live in or retire to one do they qualify for FHOG?
    So far from my research I've gathered that while you can get land and shack they body corps on some of the parks they inhabite are very high (round $4000 pa) and it all seems to vary from place to place.

    This place for example is in Angelsea, has four years no fees, sleeps five, and its only $67,000.

    torquay $55,000

    Similuar short term accomedation rentals in the area go for $80-140 a night, some places have long term rental agreements with tennants $170-200 a week.

    Seems like a great deal to me.

    What should I be cautious about if I'm looking into one of these, what am I missing?
     
  2. BayView

    BayView Member

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    May have trouble getting finance due to size?

    Also, the cleaning costs would be high I reckon.
     
  3. Lamingtons

    Lamingtons Member

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    A friend of mine bought in a caravan park. It has a clause that says you cannot live in it long term as a PPOR and it is for holiday short term purposes only. I'm not sure about this one that you are looking at. I would investigate further.
     
  4. marg4000

    marg4000 Member

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    What you are missing is that you don't get the land.

    In the two ads you mentioned you are buying a demountable building located in a caravan park. You are not paying body corporate, you are paying site fees for the land the cabin is sitting on, connection to the services of the park and also the use of facilities.

    I would think that you would have trouble getting housing finance as you don't own the land, therefore won't have title to it. I suspect you would be looking at a secured personal loan.

    You don't have much security, every now and then there is publicity as a caravan park is sold for redevelopment and many long term residents are given notice to leave. Yes, they own the building, but even though demountable they are not easily moved.

    But it may suit some people, not sure about FHOG.

    Be very careful and make LOTS of enquiries.
    Marg
     
  5. dreims

    dreims Dave

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    10th Dec, 2008
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    Location:
    Melbourne, Victoria
    Thanks everyone, I kept on looking and was able to find some good information at the simms site.

    Some sites do offer permenet residence, but land is a long term lease not title.

    Simms have places in Dromana (yeah not quite as exciting as Anglesea but still) that offer house(shack) and 198 years of lease titlehold over the land, or just land (build your own box) and perment residency. NAB will offer 70%, and I think Simms Corp themselves also offer finacing..

    Cleaning fees are $45 for each time someone moves in an out so you would ideally if your not living there or can't find a perment resident such as a retiree to (and there's not that many of them around right now) you'd want to rent out for weeks at a time not days.

    The investment aspect with 120 days rented out for around 8% net return looks decent, and 245 days a year (probably in the winter mind you) you could live there and enjoy the drive in movies lol.

    But as a leasehold with no title even if it is for over 100 years no there would be no owners grant in the deal.
     
  6. yorke

    yorke Member

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    22nd Jul, 2008
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    Location:
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    The land component ?
    What happens at the end of the 4 years if the landowner decides to sell, put his own shack on it or increase your site fees 10 fold ?

    If you want a beach shack and the grant then something like these would probably be what you are after,

    http://www.realestate.com.au/cgi-bi...mt=&header=&cc=&c=64411051&s=sa&tm=1230096870

    http://www.realestate.com.au/cgi-bi...mt=&header=&cc=&c=64411051&s=sa&tm=1230096870