I've been looking at units that are generally priced in the mid 500s plus. Naturally I don't want to expose myself to stamp duty unnecessarily, so I have been wondering about ways to avoid that. As a rule the car space/garage that comes with these places appears to be worth about 50.
So I'm wondering if I can buy the unit at 500, dodge the stamp and buy the car space as a seperate deal for 50 and pay the stamp on that, net saving about ten grand.
Any ideas?
Cheers,
AlexGenerally speaking the parking space(s) are assigned to a lot, form part of that lot and cannot be further subdivided to separate the parking from the rest of the unit entitlement. You would most likely need to undertake a strata subdivision to do this (it would definitely be possible if it were a stratum lot but not likely under strata as you would be required to undertake a completely new strata subdivision including preparation of a new strata plan, bylaws etc).
This is more-often the case where the parking is covered by a bylaw granting exclusive access, the right to the parking space cannot be separated from the unit entitlement.
How about a 'fixtures and fittings' consideration, is that doable? So I'd buy the unit in it's barest state, and pay the vendor an agreed sum for the kitchen, bathroom, light fittings etc?
Cheers,
AlexCreative, but I don't think so. Unless the curtains are worth $50k
So a brown envelope is the only way? Dangerous…
You could always buy a unit without a car space and lease one till one comes up for sale.
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