buying units

[jonesy427]

Hi, first time poster and new to this forum. and a novice investor.

just want to ask a few questions about buying a unit or two.

what are the main questions that you would ask when looking at buying units?
the one/s im looking at are free standing with shared driveway.

thanks in advance.

 

[Propertunity]

Have a read of this thread (and welcome to your first post)
http://www.somersoft.com/forums/showthread.php?p=698279

 

[jonesy427]

ok thankyou for that. i did a search but that didnt come up. i will have a read and get back with any questions that i have.
thanks again.

 

[jonesy427]

ok. had a good read thru all the posts.

there are 5 units on the block of land, all seperate with a common driveway. it has a body corporate.
the strata report has details of past minutes, problems reported, maintainence etc... also contains the 'lot' of land that you purchase.

from what ive read alot of people have different opinions regards B+P inspection. some for some against. but i believe most of that is in refernce to a block of units.

i still feel like im missing something.

 

[Aaron_C]

So what is your question exactly? Treat units just like any other property - does the body corporate do a good job of maintaining the place? Are the body corp fees reasonable?

 

[jonesy427]

pretty much what you just said. treat it as a house. thankyou. words have been escaping me lately.

finding out body corp fees tomorrow and what exactly they do to the property.

 

[Aaron_C]

Yes that is good. Also think about your demographic so you know whether the unit is a good idea or not. For example, it would make sense to purchase a unit in an area where there a lot of young professionals because it would suit couples with no kids.