Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
Can I have some views on purchasing a large apartment block ? Good or bad?
Less than 10yrs old...good all that I want at a price that suits...BUT
- large block of about 80
- High strata
Definitely no more than $400K!
We owned a unit in a complex of 80. It was a very successful investment.
What we did right:
If it is a large block, you MUST buy a unit in a preferred position or with some aspect that makes it stand out. We owned one of the best positioned units in the complex, and most tenants were sourced from within the complex. The manager actually had a "waiting list" of tenants who wanted to stay in the complex but move to a better position.
Never be fooled by buying the cheapest unit in a large complex, even though the agent will point out the price advantage. It will always be the last to be rented. It is only cheap because it has disadvantages that tenants are quick to spot.
At any time there will probably be more than one unit available for rent. Make sure yours is the better choice.
Marg
1. No uniqueness. What can you do to make your unit more desirable to tenants if there is a time where rental demand is less than it is today?....probably nothing except drop the asking rent
2. If econominc circumstances change, as they do, and a number of fellow owners have to sell at fire-sale prices to get out, what does that do to the value of your unit?.......comparable sales in the same building are how valuers value accurately
3. Strata levies are high
4. Low land content