From: Dianne Ferrara
Hi,
to all those who replied to my questions re on selling. Thank you. Your advice is appreciated and well heeded.
I am going to err on the side of caution and not jump into anything.
As for the 10 yr guarantee, the developer puts up $5k and I contribute $1k per yr as a form of insurance. The rent is 6% of purchase price and cpi indexed every year. It sounds like a good deal to me and alleviates the anxiety of the vacancy nightmare.
Having said this, I have also done my due diligence on the location, prop and developer and am comfortable that even without the guarantee there would be little difficulty renting it out. The fact that I won't have to test this out for 10 yrs is a good thing I think.
Thanks again for all your help. This is a great way of exchanging info and meeting some very nice people!
Cheers Di
Hi,
to all those who replied to my questions re on selling. Thank you. Your advice is appreciated and well heeded.
I am going to err on the side of caution and not jump into anything.
As for the 10 yr guarantee, the developer puts up $5k and I contribute $1k per yr as a form of insurance. The rent is 6% of purchase price and cpi indexed every year. It sounds like a good deal to me and alleviates the anxiety of the vacancy nightmare.
Having said this, I have also done my due diligence on the location, prop and developer and am comfortable that even without the guarantee there would be little difficulty renting it out. The fact that I won't have to test this out for 10 yrs is a good thing I think.
Thanks again for all your help. This is a great way of exchanging info and meeting some very nice people!
Cheers Di
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