I am currently looking at a student apartment for 219000. It’s a four bedroom, four bathroom self contained. Its a lovely apartment, only a few years old, and i am going into buying it with a good friend of mine.
I am wanting to see the agent, as we have both decided we want to do this. What sort of questions should I be asking the agent, and who else should we be looking at seeing for advice and help.
I am probably going to see the agent tomorrow as it is my only day off!
Advice would be very welcome
Regards
Claire and JennyApart from the due deligence that people normally do when buy a property, I’ll be asking all the outgoings and figures. And records of their tenancy for the last 12 months. Those are the basis for your number crunching to see whether the bottom line stacks up.
cheers
hi, i’d ask the agent exactly who will provide finance for this type of property on a stand alone basis and at what loan to value percentage.
i’d also request full statements regarding rental history – ie. week in week out history.
i’d also ask for a print out of all the recent sales history, particularly the history of resales.
with the above and given the location etc i’d make a commercial decision whether or not to proceed.
cheers
brahms
Purveyor of Fine Finances
aka Mortgage Broker Brisbanehi Selangor
I think this is a cup of coffee job.
sit down with a couple of the people around and ask what has been sold in the area, what are the tennants like get the nitty gritty first.
the ask the real estate for all there info then its off to the opposition the real estate down the road and they will tell you all the things that are wrong with this property and they have a better one around the corner cheaper and easier to rent.
Then site down with all this info and decide what you think and go for it off this info.here to help
If you want to get involved in some of the projects I’m involved in email to [email protected]Hi Claire and Jenny
Go have a talk to the property manager, they normally will tell you the truth. The agent will try a snow job on you, he wants the commission.
KerwynI might let you know some of my background!
I (claire) am 19, and I have not even moved out of home yet (except for a 3 month speil!!)
Jenny is 29 and she rents at this stage with her husband and her 18 mnth old son, but we are both very novice at this sort of thing.
Jenny and I will be the ones going into the agreement, what sort of rights does Jenny’s husband have on the property? They are married so I am asuming I would probably luck out if they divorce, and he requests half of it. (not sure if anyone can help with that question, if not who should i ask?!)I do know a couple who own one of the apartments, so I have a little advantage as to how they found the sale etc.
Here are the questions I have got to ask already (to the agent)
Rates?
Guarentee of 560 p/w? and are they willing to put that in writing
Body Corp fees (and how much are they able to rise -cpi)
Options during semester break
Insurance – what is involved
Maintanence – how often required
are non student bodies aloud to rent
selling cost of apartment (previous)
plus the questiosn above.
Also, I am asuming I need to talk to a solicitor, mortgage broker..but is there anyone else?
Thanks again everyone, I so appreciate all of your help. It’s awesome to know that kind people are out there!
Claire & JennyyHi Clair and Jenny,
To me it sounds as if there are more important matters for you to research before you even start looking at properties.
Issues relating to finance, taxation, asset protection and ownership are a few that quickly come to mind.
Given the circumstances outlined (two unrelated people, one of whom having a spouse) does create some special circumstances that could come into play.
For example buying as tenants in common (assuming no trust structure) typically means that should Jenny die then her share is inherited by her husband and not you unless steps are taken now to avoid such a chain of events.
While you and Jenny may be good friends I am concerned that Jenny and hubby are not jointly involved in an investment project rather than you.
I have this vivid image of things going awry with the IP and Jenny having to get additional funds from hubby – who really all along wasn’t entirely happy with the investment. All of a sudden you have a third party involved in the investment who, even though they may not be financially tied up, they certainly are emotionally tied up with it.
Derek
[email protected]
http://www.pis.theinvestorsclub.com.au
0409 882 958Rent gaurantee? – I get alarm bells when I hear that.
If the deal is good enough, you dont need trimmings.
Free standing property I fond to be a better thing all round.Good luck.
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