Howdy
Finally buying our first unit and need some assistance from Property solicitor/Valuator.
The Unit is located in Indooroopilly QLD, any reccomendations?
Is it worth doing a body corp check? I assume this is requested of the solicitor?
Is it worth doing an independant valuation, rp data Automated report had a high and low estimated figure of the property and we're purchasing for 20K under the low figure( rpdata- 455-390 sale price 370)
Thanks, any advice greatly appreciated
Cheers
Denis
I would never buy a Unit without doing a search on the BC records.
Who knows what forthcoming expenditure you might be up for.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
As Richard suggests a search of the body corporate records is a good idea, should be around the $165 level. RP data autovals are very good for computer estimates until they aren't when they can be very flaky, so please do your research carefully and don't rely just on that figure.
zimby wrote:HowdyFinally buying our first unit and need some assistance from Property solicitor/Valuator.
The Unit is located in Indooroopilly QLD, any reccomendations?
Is it worth doing a body corp check? I assume this is requested of the solicitor?
Is it worth doing an independant valuation, rp data Automated report had a high and low estimated figure of the property and we're purchasing for 20K under the low figure( rpdata- 455-390 sale price 370)
Thanks, any advice greatly appreciatedCheers
Denis
Just on the subject of autovals it's impressive how much they can vary, I glance at a few including RPdata, APM, Price Finder, generally something that is more of a commodity such as a unit in a suburb with a lot of similar units should be easier to price and have a lower standard deviation but really these figures shouldn't be used for any serious decisions.
Have a look at how the unit compares based on size, yield based on true current market rent, comparable sales first of all, also take into account condition, number of units in building, cost of B/C yearly; would be a few starting points.
HI Allen
Thanks Heaps for your reply.
I've always wondered, you must get " Can you find me a CF+ property" alot.
I'd also be interested to know the answer to thisCheers
Denis
zimby wrote:HI AllenThanks Heaps for your reply.
I've always wondered, you must get " Can you find me a CF+ property" alot.
I'd also be interested to know the answer to thisCheers
Denis
Yes I get that question a lot
Finding a +ve cashflow property is no problem, you just need a large enough deposit and you can find them anywhere! Otherwise it's more useful to talk in terms of yield figures. With capital cities and Brisbane you will find that +ve cashflow is generated more than found, buy a run down opportunity at the right place and add enough value and you can do impressive things.
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