Hello fellow investors,
So I’ve been looking at purchasing a land in Victoria. However, this land is part of a body corporate. The price for this land is cheaper than what’s on the market but I guess that’s because of the body corporate. Question, is it hard to sell a property with body corporate? I’m looking to building a house on this land.
In short – yes it is likely to be harder to sell at the end also if the BC still applies. The only change would be if the land is subdivided out of the BC area and ends up on its own title later.
Also, check the BC rules and ensure you can actually build what you want before you commit.
For resale estimates, you need to ascertain if there are any comparable sales of similar homes WITH a BC attached. These are your guide.
Lastly I would be talking to your finance institution as this sounds like a unique property and they may not lend as much as you would like for a purchase and build scenario.
BuyersAgent | Precium
http://www.precium.com.au
Email Me | Phone MeSouth Coast NSW Independent Buyers Agent - Wollongong to Batemans Bay and Regional NSW. DOWNLOAD OUR FREE 14 POINT PROPERTY BUYER'S CHEATSHEET to avoid painful mistakes at precium.com.au
Thanks BuyersAgent, appreciate your feedback.
Yes, I totally agree with you and I have already seen sales in the area with BC attached to the deal. My financial institution is aware of this and my broker mentioned that the BC should not affect the value of the land.
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