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TheFinanceShop
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February 17, 2013 - 6:28 am
Ok then you shouldn't have any issues (assuming that the unit isn't any an area like broken hill). Usually there are LVR restrictions/limitations with certain securties such as studios, serviced apartments, etc.
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Shahin
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February 17, 2013 - 6:19 am
You have a few options when it comes to finance. What type of an apartment is it? i.e. is it a studio? serviced apartment? Normal 1 or 2 bedder?
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February 16, 2013 - 2:11 pm
Is this property in Sydney?
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February 16, 2013 - 2:09 pm
I think it really depends on the area Claire – I have seen many suburbs where the 'bad areas' have over time disappeared.
A lot of investors of have done well buying in these areas undervalued and then riding the waive of demand which is quite evident in certain markets.
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February 16, 2013 - 2:00 pm
What is the net operating cost per month to hold the property and what is the anticipated annual CG?
As it is a townhouse you would be restricted in 'manufacturing' CG.
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Shahin
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February 16, 2013 - 1:56 pm
I would look at contacting the FT. Which state are you in?
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Shahin
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February 16, 2013 - 1:46 pm
Yes but since he doesn't have a vast range of options – doing a relocation loan via a building contract rather than an OB is one of the options worth considering.
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Shahin
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February 14, 2013 - 9:49 pm
Not all over 55's development have management fees and also it depends on the area. There are many that are torrens titled.
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Shahin
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February 14, 2013 - 9:42 pm
Also why units and why not a house? Are you doing the cashflow analysis on each property to determine the net operating costs?
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February 14, 2013 - 9:41 pm
janeashley wrote:
Hi
Furthermore buying a newer unit comes with a higher confidence that there will be less or nil maintenance, however, the rental return will decrease as the area isn't as sort after.
This is a huge assumption and one that generally comes back to back you. The thing with new development is that the strata starts at 'x' but as it is a new development the strata increases rapidly from the 12 month stage.
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February 14, 2013 - 9:28 pm
Also try Burton and Field (Liverpool office).
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Shahin
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February 14, 2013 - 3:54 am
Also that yield isn't extremely good unless there is scope for decent CG.
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February 14, 2013 - 3:54 am
As long as you do your due diligence which includes building and pest inspection I don't see a lot of issue.
However I would personally spend a few hundred dollars and go and inspect the property whilst making a day of it in the process.
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February 14, 2013 - 3:52 am
Hi Prudence,
Generally speaking although there are worse investments – I am not a huge fan of Over 55's properties. When you are calculating the yield you need to ensure that you are calculating all the outgoings especially one that it strata'ed rather than torrens titled.
Finance is also quite restrictive/limited/difficult with Over 55's. From the top of my head only ING and Homeloans Ltd touch Over 55's. Due to this reason resale is also quite difficult.
Hope that helps.
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Shahin
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February 13, 2013 - 10:48 am
I did a reno some months back and plenty of good bargains via Gumtree.
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Shahin
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February 13, 2013 - 10:47 am
Completely misread the question – I thought you wanted to borrow against your PPOR or another IP.
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February 13, 2013 - 10:25 am
Of course you can do this. Who advised you that you can't and why?
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Shahin
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February 13, 2013 - 8:30 am
What Kate said – also and this too is a big one, is the termite activity active or inactive?
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Shahin
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February 13, 2013 - 8:28 am
This may be helpful –
http://www.gcc.nsw.gov.au/riverstone-41.html
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Shahin
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February 13, 2013 - 8:25 am
Fixing your loan should be about risk management not about trying to 'beat the bank'. Also remember that you don't need to fix your whole loan – you can split your loan into a fixed portion and a variable portion.
Many investors do this so that they have an element of risk management and also can take advantage of the usual variable features like offset facilities, etc.
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Shahin
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