Hi,
Is it possible to sell a ppor unit, and keep the storage room in the same building?
i.e. do not list the storage on the sales contract?
I think I can realise a higher sales price for the storage if sold separately.
Thanks for the advice,
Do the unit and storage space actually form part of one lot in the strata plan (even if separated physically). If so, you would need to subdivide and would probably not be successful
I don't think u can
unless it has separate titlethanks for the replies, I dont believe they are part of the same lot. I purchased the storage "separately" to the unit at a later date i.e. it wasnt part of the original unit purchase. It was, however, all wrapped up in the final sale contract – i.e. I didnt buy the storage with a separate contract. any additional thoughts? thanks.
I would check with the Body Corporate records to ascertain exactly how the Body Corp gave you the storage area. Did they change the title to show that this area was indeed a part of the lot that you owned (doubtful as this would have cost money to do0 or as I would expect a motion was passed which gave you 'Exclusive Right' to the storage area. Under the Body Corporate laws this right can not be revoked, it can only be surrendered by you. If this is the case, I believe that you could sell your rights to another unit owner in the complex. I am not sure if you could sell the rights to a person outside the current Body Corporate.
I'd agree with Jon on this one, if you refer to your strata plan (of the whole complex) it will reveal the area of each unit, garage/parking and storage. If they are on separate titles then you could in theory part with possession separately. If they are on the same title then unless body corporate consented and you paid for subdivision plans and registration of the plan then it will be difficult.
Jon also points out that you may only have exclusive access to the storage ie it is part of the common area but you alone have rights to occupy it.Well, I am now officially out of the investment property scene, for the time being.
Our first purchase, off the plan in 03 (!), was a complete disaster and after several dips , we finally sold the unit for a $65k capital loss.
Not the end of the world, but our life savings up to that point. Holding costs were going to go through the roof next year after the fixed mortgage resets to the SVR. With the market as it is, I estimate it would take at least another 5 years for the unit value to get back to where we paid for it in 03 – who said property doubles every 7 years!!
We can now go onto the next chapter in our lives without this millstone around our necks, for the first time in 5 years I now see some light.
Good luck to all those who are still in the game, no doubt the majority are doing OK.
Will be back on the forums for advice the next time we buy, though I have learnt so much since the purchase which will put us in good stead for the future.
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