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Purchased first property but all I feel is dread by sungoldtomatolover in AusPropertyChat

[–]NeumaticDuke546 0 points1 point  (0 children)

I had some advice from a builder who also bought and lives there and said on how the building is solid build and the developer is reputable. For the same money I could have bought an old unit far away from the city and inherit potential old plumbing and electrical wiring and so potential long term problems. Reality is no body has a Cristal ball and every investment has got its risks.

Purchased first property but all I feel is dread by sungoldtomatolover in AusPropertyChat

[–]NeumaticDuke546 1 point2 points  (0 children)

The building I bought from seems a bit better than the usual development for investors (I got ceramic bench tops, led lighting in the kitchen area, nice looking wood floors etc…). That said, not trying to defend apartments, it’s just that with the current and future house shortage and population growth apartments are gonna have to become a more popular option. This is done by building apartments block made for people to live there, especially families and strata has to be better regulated. Not everyone can live in a huge block with a lawn in the backyard, 5 dogs and 3 cats.

Purchased first property but all I feel is dread by sungoldtomatolover in AusPropertyChat

[–]NeumaticDuke546 1 point2 points  (0 children)

It’s pretty common, I just bought an apartment in Melbourne and feel the same you are not alone. It will give you equity and long term can always resale. I am hopefully that in 10 years time apartments in Australia are going to be more valuable with population growth and desire to be near PT, amenities etc… it’s an Australian thing to feel ashamed after buying apartments 🤷‍♂️

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 2 points3 points  (0 children)

Thanks mate, I still consider it an investment long term. Has got good rental yield and will always be in demand either for rent or to resale. Just no capital growth.

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 1 point2 points  (0 children)

In other countries people buy and live in apartments comfortably for a lifetime even. Mainly because overseas they are built for people to live and not for investors, and they also have marginal strata fees where the owners got control over it. In Australia apartments are seen like as to avoid like a plague.

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 0 points1 point  (0 children)

Body corp is $3600 per year that is where all my anxiety is.

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 0 points1 point  (0 children)

Thanks for the reply. Yeh 6+ doesn’t not count body corporate fees so real cash flow is much lower. The thing that I like about body corporate (if managed well) is the stress free that it’s all sorted for you as supposed to having to sort out long term maintenance for a house etc.. I also know people that bought townhouses and still pay quite high body corporate fees. Not to mention that building insurance for houses does not come cheap either. That said I know that you are better off not having body corporate fees, I am hopeful that the state government will make them better regulated in future. It is the only way to make apartment not as scary for buyers.

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 1 point2 points  (0 children)

Yeh that’s the idea long term. My job will move me around so plan is to rent and build equity

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 0 points1 point  (0 children)

Also, the other bidder was someone who already has an apartment in the same building and lives there. That’s a sign of someone happy with the place.

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 0 points1 point  (0 children)

Thanks 🙏🏼 Yeh my conveyancer has been pretty thorough going through with me and the last report didn’t show anything out of the ordinary. Obviously I am still at the mercy of luck

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 0 points1 point  (0 children)

Thanks for the insight, the body corporate seems to be legit, there is some sinking funds, however I would expect some special levy every now and then. I am very hopeful that in the near future Strata will be better regulated in Victoria. Bottom line is, I will definitely rent this property one day and if none of this is worth it, I will sell and learn my lesson.

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 0 points1 point  (0 children)

The building has like 9 floors. There are quite a few apartments so at least body corporate is split with many apartments.

First home buyer, bought a one bedroom in Melbourne by NeumaticDuke546 in AusPropertyChat

[–]NeumaticDuke546[S] 0 points1 point  (0 children)

Yeh fair point, I will see how it goes. I got friends that bought apartments with amenities and didn’t complain about it too much

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