Help. Wrapping units - What do I need to watch out for?

[snowkiwi]

I'm currently looking at my local area to see if it would suit wrapping units, since houses are in the 500+ mark, but established units are far more affordable.

I'd love to talk to someone who has wrapped units to see what the differences really are. I know the running costs are a little less and the yields are often a little more, but what other differences are there? Any real "gotcha's" I may not be aware of?

Is there anyone out there who has wrapped units and would be willing to compare notes before I get too far down the path?

Thanks in advance,

Craig.

 

[Qlds007]

Hi there

As a company we have wrapped around 35 units in the last 10 years.

There is not much difference in respect of legislation however you just need to make sure that your instalment contract or LTO has a provision for the Body Corporate fees to be debited to the wrappees account.

Must admit i would not be wrapping much over $250,000 as the risk profile is a lot higher. Why not look at regional areas and stick to houses.

Email me if you need further information.