Hi
looking at some units but a few concerns
1.the maintaince, corporate body etc seems very high It is a large complex with 2 pools, gym, tennis courts ++++
2.the other concern is between feb – nov restricted to who rents though 100% tenanted and waiting list for more than are being built – no guarantees
any suggestions
Hi Breakingout,
A number of newer and larger unit complexes in Queensland do have significant recreational features. While these do have an attractiveness to tenants the downside is the higher body corporate levies imposed to maintain the grounds and facilities. Above $2000/annum would not be unusual based on the description given.
If you are contemplating purchasing a unit in an established complex it would be advisable to have a look at past body corporate minutes and financials to ensure your unit is up to date and that the complex is financially sound. An older complex should also have a healthy sinking fund.
I cannot fathom why there would be restrictions on tenants – ultimately you are the owner and you need to ensuring your property has a tenant as often as possible. Do the restrictions help or hinder this process?
Derek
[email protected]Read my comments? Think I can help you? PM or email welcome.
Brekingout,
Just bear in mind that body corporate rates will increase. Not forgetting the reqirement for a sinking fund.
So if you think it is expensive now, it will only grow.
If the complex is new, many of the areas that would need maintenance are under warranty eg lifts. After the 1st 12 months, you start paying, which therefore increases the rates.
James
Breakingout..
Are these managed complex’s ?? as i see these types as being a cash-cow retirement fund for the developers/on-site caretakers who set themselves up to run the IP’s for you, plus costs etc, they clean, manage, organise tenants, repairs etc ..
REDWING
“Money is a currency, like electricity and it requires momentum to make it Effective”
You must be logged in to reply to this topic. If you don't have an account, you can register here.
