I notice many listings are listed exclusively as investment properties as they are in student housing buildings (Unilodge etc). What's to stop me telling the tenant to hit the bricks after their contract is up and living there myself?
The managing company will ask for proof of enrollment from memory.
Any good guides on reasonable owners corp / property tax / other outgoings I can expect with apartments? I'm trying to get my head around the right questions to ask.
Yep, finding the questions is *much* harder than getting the answers
So here's some questions for you;
- Will the bank lend me money for this purchase? For your Unilodge example above for example, MAYBE 60% of the pruchase price - so you need to come up with a 40% deposit
Often based on size, so getting an 80% loan on a studio anywhere in Melbourne might be a struggle.
- Will the valuation come up to what I need for a loan? You might pay $250k for a brand spanking new apartment, but the bank might think it's only worth $200. You have to come up with the shortfall or you get sued by the developers.
- What extra do I need to spend? Brand new aprtments come with a surprising shortage of stuff - like no blinds, no cooling/heating, no light fittings, no doort stops, no phone conneciton, etc etc etc - can ad thousands to your purchase price. Be prepared to spend (pre-loved places have all these installed by your previous owner)
As to your good quesiton re outgoings:
- For pre loved places, just look on the section 32 (available form the selling agent) and it will tell you outgoings.
- For BRAND NEW places, they will provide you with an estimate. Double or triple it to get a real figure. It is not unusual to get outgoings for an apartment in inner melbourne with a swimming pool, lifts, gyms etc to go into thousands of dollars (like $5k+ per year)
Anyway, if you still want new, maybe something like this?
http://www.realestate.com.au/project-bellview-vic-preston-600006091
The Y-man