Car Park on Title question

When working out the size of the unit/apartment purchasing, if there is a car park on title, does this add to the size of the property?
Example, bank needs property to be at least 50 square meters,
Unit is 45 square meters, car park 10 square meters, does this mean its 55square meters or car park not included? I understand things like balcony are not included.
Thanks
 
Cheers mate, now all i need is clearance from the bank, they initially told me 50 square meters is limit, this is 46, gonna speak to them (westpac) tomorrow, fingers crossed.
 
generally speaking if no car park on title add a few % points of required rental return to compensate.

This might not apply to some very upmarket suburbs, but i would DEFINATELY apply this criteria to a suburb such as footscray.

i got offered something last week (melb cbd no carpark), it took me a couple of minutes to present my unconditional offer, the owner wasnt impressed:D

but thats ok unless i have something that is more unique, the more i look for 1foot hurdles to jump over.
 
Cheers mate, now all i need is clearance from the bank, they initially told me 50 square meters is limit, this is 46, gonna speak to them (westpac) tomorrow, fingers crossed.

Hi Nick

Last time I enquired, WBC will do 70%LVR on dwellings less than 50 square metres

Other lenders have a range of LVR for smaller dwellings, but it is all about habitable floor space,so the 46 square metres MUST be internal space, not including car spaces and NOT including balconies.

Valuers do actually measure, and what the valuer says, goes.

If the property does not have a fixed wall bedroom, that is, the bedroom has sliding partition walls, then it will be classified as a Studio, and even fewer lenders will lend for those properties primarily as the insurers won't take the deals.

If you are looking for less than 80%LVR your deal won't be too much of a problem (except for Westpac).

By the way .... 10 square metres for a car park? Are you sure? Nearly every car park I have come across is at least 15 square metres, and even that is a very tight squeeze unless the car park is a car space ie outside in an open air car park.

West Footscray is 'hot' at the moment but buy too small and the shoe will always pinch the foot!

cheers
Kristine
 
Hi Bigtone

Yes, they do - I'll have to look at my scratch notes to see BankWest's max LVR for aggregated floor space deals - but as Nick hasn't told us what LVR he will be looking for there is not much point in discussing the nuances of the various lender's lending policies as he was just really asking about Westpac

So for interest - what LVR did you achieve from BankWest for your purchase, and when was it?

cheers
Kristine
 
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