buying units info
- Thread starter lisag
- Start date
For starters:
1. what are the outgoings?
2. are there any sinking funds
3. what is the floor space
4. is there car parking
5. security arrangements
6. will lenders accept it as security to the LVR you are wanting (to your lender or broker)
Come back with answers to these, and we'll go onto the second round...
Cheers,
The Y-man
1. what are the outgoings?
2. are there any sinking funds
3. what is the floor space
4. is there car parking
5. security arrangements
6. will lenders accept it as security to the LVR you are wanting (to your lender or broker)
Come back with answers to these, and we'll go onto the second round...
Cheers,
The Y-man
buying units
Thanks, all I know at the moment are,
2 bed
lock up car space,
secure complex
Inground pool - is this where the sinking funds come into it??
price well below what I am pre approved (will be able to buy something else, somewhere else)
actually I feel its too cheap and I am getting suspcious!
Waiting to hear back from agent re size and outgoing cost and expected rental return
in victoria
walking distance to amentities
thanks guys.
Thanks, all I know at the moment are,
2 bed
lock up car space,
secure complex
Inground pool - is this where the sinking funds come into it??
price well below what I am pre approved (will be able to buy something else, somewhere else)
actually I feel its too cheap and I am getting suspcious!
Waiting to hear back from agent re size and outgoing cost and expected rental return
in victoria
walking distance to amentities
thanks guys.
Buying units interstate
Additional questions:
1. Who has been managing the unit?
2. Show me the tenant & rental history?
3. Show me the minutes of the body corporate?
4. Who looks after body corporate maintenance? (then call them & discuss any maintanence issues)
For site unseen would also recommend building inspection to ensure there is no major maintenance issues coming up.
Philip
Additional questions:
1. Who has been managing the unit?
2. Show me the tenant & rental history?
3. Show me the minutes of the body corporate?
4. Who looks after body corporate maintenance? (then call them & discuss any maintanence issues)
For site unseen would also recommend building inspection to ensure there is no major maintenance issues coming up.
Philip
LOL
Not quite - My understanding - Sinking funds are for a future cost. So, on top of body corporate fees, the management body may be planning on something major that affects all owners (like re-roofing). so all owners put extra money into a sinking fund. Investors need to know about this to take into account the effect on cash flow.
Iloveproperty....sorry the sinking funds thing is a LOL, sounds silly now I re read it. I didn't mean to put pool & sinking together...
Anyway as I suspected to good to be true and to cheap.
No person living in there can claim it as a PPOR including tennants according to Franskton council, apprentanly the body corp do not care who lives there aslong as there quiet etc.
suited for students including o/s (still may have merits), holiday letting, and according to the REA FHB's have been snapping them up and putting their parents place as their residencal address.
take a look, I sure many of you have seen it, it may have merits I will have to be creative....more investigations need.
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105668822&t=res&s=vic
Anyway as I suspected to good to be true and to cheap.
No person living in there can claim it as a PPOR including tennants according to Franskton council, apprentanly the body corp do not care who lives there aslong as there quiet etc.
suited for students including o/s (still may have merits), holiday letting, and according to the REA FHB's have been snapping them up and putting their parents place as their residencal address.
take a look, I sure many of you have seen it, it may have merits I will have to be creative....more investigations need.
http://www.realestate.com.au/cgi-bin/rsearch?fslm=1&a=o&id=105668822&t=res&s=vic
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How can you get FHB grant if you can't claim it as your PPOR?
Just beware.
If you cannot use the place as a PPOR then the bank may require a much lower LVR .. as it significantly reduces the pool of potential buyers and hence increases their risk.
It may well be considered just like student accommodation or serviced apartments by the lender.
As an investment property only your Capital Growth will relate mostly to any increases in rental and/or decrease in required yield.
cheers
RightValue
If you cannot use the place as a PPOR then the bank may require a much lower LVR .. as it significantly reduces the pool of potential buyers and hence increases their risk.
It may well be considered just like student accommodation or serviced apartments by the lender.
As an investment property only your Capital Growth will relate mostly to any increases in rental and/or decrease in required yield.
cheers
RightValue
LisaG,
google "Abassador frankston". It is (was?) a motor inn/motel/function center.
"conversion of the Motel into 110 – 1 and 2 bedroom apartments" from here:
http://www.globalpacificgroup.com.au/ambassador-motel.aspx
-how big are these aptmts?
-Is there a market for these in Frankston?
-bB
google "Abassador frankston". It is (was?) a motor inn/motel/function center.
"conversion of the Motel into 110 – 1 and 2 bedroom apartments" from here:
http://www.globalpacificgroup.com.au/ambassador-motel.aspx
-how big are these aptmts?
-Is there a market for these in Frankston?
-bB
So the agents are telling you to defraud the Govt. That's lovely.
I love the photos. That must be at least 3 apartments. Which one is the one you would be buying?
Pool + tennis court = high strata fees.
RUN away!!!!!
Agreed, they have been trying to flog these off for the last 2 years and they are still being advertised full page in the local rag. Second ugliest building in Frankston after the Peninsula Center.
