Buying a unit for an investmetn

[JoanneL]

Guys

I have always purchsed houses, but for personal reasons I need to purchase a unit asap.

I have located a 2 bed unit for $132,000. Complex has 51 units in all and a swimming pool. The complex appears well maintained, has security and the unit is spacious - which was a big surprise.

Unit consists of 2 bedrooms, 1 bathroom upstairs, toilet downstairs. living area, paved courtyard, 1 carport with roller door, external locked storage area. Plenty of cupboard space and nothing much to do (bath tub could be resealed). Property supposed to be about 8 years old but will confirm this when I complete due diligence.

RE agent has advised (which is always a bit sus) that body corporate including sinking fund and building insurance is $400 per quater - this seems extremely high to me for the suburbs. Rates around $300 per quarter.

I will request to sight minutes from Body Corporate meetings to ensure no hidden large outlays are requred in near future.

Also is it ture that I should be given a disclosure statement within 7 days and what does this disclosure statement include?

Any help would be appreciated.

Regards
JKL

 

[agent007]

Don't know about that disclos. statement but, check sinking fund status.
Regards, James.

 

[asy]

hiya Joanne...

The large unit complexes around Capalaba do incur body corp fees of around the $20 - 25 per week.

I am more than happy to go through a discosure statement with you before you sign one, just drop in to my office and I will show you what to expect when you are signing up.

I am at Professionals Capalaba, 80 Old Cleveland Rd, Capalaba. Give me a quick call on 3390 1699, to make sure I am in!!

Look forward to meeting you!

asy

 

[Jacque]

Joanne,
To cover yourself from any nasty surprises get your solicitor to do a strata search which will turn up minutes of previous cb meetings and paperwork. Each yr body corps hold an agm in which any future spending ideas are discussed. Not all unit blocks have sinking funds, either.
Have fun!

 

[woody]

Hi JoanneL

I'm always a bit worried when a complex has so many units (51) and a swimming pool / lifts etc.
It just increases the strata levies / ongoing expenses etc
Regards
Steve