Buying apartment in Serviced apartment to live in (in Canberra)

Viewing 4 posts - 1 through 4 (of 4 total)

saramosen
Member
@saramosen
Join Date: 2012
Post Count: 1
June 8, 2012 - 5:59 am
Hi everyone,
My husband and I are about to buy our first home to live in it. We have seen an apartment in Canberra which has been a serviced apartment complex and now they are selling some of its units. I wanted to ask you guys for any opinion/suggestions about buying and living in such places. The apartment is nice itself, good size and looked after, but it is 18 years old.
Thanks.
Jamie Moore
Participant
@jamie-m
Join Date: 2010
Post Count: 5,069
June 8, 2012 - 6:33 am
Personally – I wouldn't touch it.
The growth rates on these type of dwellings is very low.
Financing them can be a problem too – you'll need a decent size deposit.
Cheers
Jamie
Jamie Moore | Pass Go Home Loans Pty Ltd
http://www.passgo.com.au
Email Me | Phone Me
Mortgage Broker assisting clients Australia wide Email: [email protected]
Catalyst
Participant
@catalyst
Join Date: 2008
Post Count: 1,404
June 8, 2012 - 7:05 am
Check that you CAN live in it. Many have limitations on who can. I've read horror stories where people have bought assuming they can live in it. You know what they say about assuming!!!
Also check if the fees would still be payable if you were to live in it.
Do NOT take the RE agents word either. Get your solicitor to check.
Mick C
Participant
@shape
Join Date: 2010
Post Count: 1,099
June 8, 2012 - 11:02 am
Strata, management fee + have to paint and change the carpets every x number of years
Mick C | Shape Home Loans
http://www.shapehomeloans.com.au/
Email Me | Phone Me
Same Banks. Better Rates. Served With a Passion.