Hi,
I need some advice! Recently an inner city heritage apartment has caught my eye. I intend to use as my PPOR. It is a two level one bedroom plus study apartment, located in a heritage building/precinct. Unfortunately, the BodyCorp seems **very** expensive. On the positive side - the same owner also sold the identical, next door two level 1br apt to this one for $315k 2 months ago. Includes undercover parking, security entry, 5x4.1m outdoor decking.
So, the stats:
- 80k (my wage)
- $280k my offer price
- $30k dep
- $263k loan (after stamp duty & LMI)
- $300pw (current rent - tenant vacates Jan '14)
- $2800 annual (heritage) bodycorp
I will be chasing up further details today about rates, depth of sinking fund, section 32, and really trying to work out whether I can afford it.
Positives-
- Stunning building
- Part of heritage precinct
- Study is big enough to convert to a tiny second bedroom
- Seems under market price
- 5 mins walk to tram; 10 mins walk to train
Negatives
- V high body corp
If you have any advice I would really appreciate it!
Are these rates ridiculous?
What other costs must I be taking into consideration for the whole purchase?
A little about me - I am a 29yo single professional. This property is nearby me, seemingly would suit my inner city lifestyle with the study giving a little additional scope for future.
Thanks so much!
Kristy
I need some advice! Recently an inner city heritage apartment has caught my eye. I intend to use as my PPOR. It is a two level one bedroom plus study apartment, located in a heritage building/precinct. Unfortunately, the BodyCorp seems **very** expensive. On the positive side - the same owner also sold the identical, next door two level 1br apt to this one for $315k 2 months ago. Includes undercover parking, security entry, 5x4.1m outdoor decking.
So, the stats:
- 80k (my wage)
- $280k my offer price
- $30k dep
- $263k loan (after stamp duty & LMI)
- $300pw (current rent - tenant vacates Jan '14)
- $2800 annual (heritage) bodycorp
I will be chasing up further details today about rates, depth of sinking fund, section 32, and really trying to work out whether I can afford it.
Positives-
- Stunning building
- Part of heritage precinct
- Study is big enough to convert to a tiny second bedroom
- Seems under market price
- 5 mins walk to tram; 10 mins walk to train
Negatives
- V high body corp
If you have any advice I would really appreciate it!
Are these rates ridiculous?
What other costs must I be taking into consideration for the whole purchase?
A little about me - I am a 29yo single professional. This property is nearby me, seemingly would suit my inner city lifestyle with the study giving a little additional scope for future.
Thanks so much!
Kristy