Hi all
I am looking to purchase an apartment that seems to have decent rental return. However there are a few things that I would like ask you fellow property investors:
1. How do you tell that the apartment is a student accommodation or not? The S32 document does not mention the building being a student accommodation (or I just couldn't find it), and that the existing lease agreement is based on the REIV Code 135 Residential Tenancy Agreement. The real estate agent informs that this unit is not within a student accommodation building but I can't just go by their words.
2. I've noticed that some of the units within the development are only available for eligible NRAS tenants. How do I tell that the unit I am looking at is not restricted to NRAS tenants?
I will only place an offer on this apartment if it is not a student accommodation and not restricted to NRAS tenants. I may choice to live in it for now and turn it into my investment property later.
Please advise. Thank you.
Well first things first
How large is the apartment Is it 1 or 2 bedrooms
If one bedroom if its under 50 square meters dont touch it If its 2 bedroom and is not at lest 65-70 sqm then walk. Make sure you ask for the internal meterage not including the balcony.
Then how many apartments in the block and finally where is it located. If its in the CBD do not touch it. the city market is over suppled and with 4000 apartments coming out of the ground the market may go down in value not up
Nigel Kibel | Property Know How
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Thanks for your advice. The apartment is 1 BR just over 50 sq m. It is located in an outer eastern suburb.
Would you be able to shed some light into the questions that I have?
Hi Wilson,
I see you have joined us quite recently – welcome. I wish I was able to answer your questions, but I'm afraid they are out of my league.
I thought I would say Hi, and get this bumped into the "recent" pages of this site. Hopefully, someone else from down your way – Victoria, maybe Melbourne (?) – will see it and respond with assistance.
Benny
Hi Wilson
Just out of interest… have you asked competitor agency?
This might be a good time to be a bit of a stalker. Hang around and ask the people that come out of the building. Hello, are you a student? Do you have thousands of student friends that also live in the building? Did you rent your apartment through your Uni Housing Department?
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
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Hi Wilson,
Is there a reason you want to invest in Victoria with something that seems quite "involved"?
What's your strategy towards buying there?
H.
Hi Hamish,
Quote:Is there a reason you want to invest in Victoria with something that seems quite "involved"?What's your strategy towards buying there?
It seems wilson wants the option of living in it himself.
If it is restricted to students or NRAS tenants, then he may not be able to do this. And having it as his PPOR can be a very sensible way to improve the benefits of his investment.
Benny
Thanks Benny,
So you recommend buying your PPOR and then turning it into a IP later rather than buying it as an IP and renting elsewhere for your own place to live..?
H.
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