On Friday evening I was bit excited I don't know why. May be because I had just 1 week left for my 2 weeks relaxing holiday. Suddenly I remembered that I am in a mission to buy a property as soon as possible. So, I started to search in 1 of the real estate website.
First i added few suburbs but it confused me. So, I searched only in my area. That's better :)
After selecting few properties we set the time to go for inspection and planned accordingly.
First inspection was at 10-10:45am. After sleeping late it was so hard to wake up early in the morning and get ready to look like a buyer was time consuming, as i had not not saved for few days, so took a while to clean up those hard beard hairs.
Still i was first to get ready as you know time for ladies to get ready. Even after finished they want to step back and see the mirror one final time. :)
So, we went for the inspection, but we didn't know we could go directly to the unit, so, we rang the property agent, then he asked to come upstairs to level 7.
The unit (price $390K) was bit dark. You need to turn the lights on even on day time. Rest looked alright but still without sunlight, that's a big NO.
While we were waiting for another inspection and looked around, we saw so many boards with property inspection times. We went to see one of them. We looked around then saw glass balcony and when we looked down to the street, we were slightly scared as it looked so scary to see down through those glass and feel like we will fall.
Rooms were so dirty and they had partitioned the lounge to create one more room and share to save money on rent. Good idea huh!
It was so funny when we asked how much strata fee. She said no starta fee on rentals. We went to check the rental property hahaha :). It was on same building and floor but different UNIT.
Then we went to check another unit/apartment. The agent was a lady and she started to scare us by saying some facts about the building.
There was no price for the unit and we asked for the price. But she asked us to make an offer. But we had no idea about property and we had no idea about that property as we didn't checked that property online.
She said the unit was on sale for $420K but now they have taken $40k down to sale the property as soon as possible. So it's now available for $380K and was much better then previous $390k unit on the adjacent building. This unit was newly renovated with timber floor. But the owner was from overseas and wanted to go back to their country so were selling (What we were told). Seemed true as they wanted to sell all their belongings too.
But, the property agent said the building has some structural issues and the starta is suing the builder. So, they need to collect money from all the owners. So, we could end up paying $6k+ on top of the purchase price and there was almost $900 strata fee per quarter.
We could have purchased if we didn't know these issues but were too scared to risk on the first Property Investment.
When i called my friend he said it's too risky for first home buyers to invest on such property. One more thing hitting my mind was there was notice on the main door from the Police not to touch anything on the garage as they need to collect DNA for investigation of some other incident.
Ok, this is our first property lookup and experience. It was quite interesting and learned few things, like we need to ask few things before purchasing which i didn't think before.
- Why is owner selling this property?
- What's the strata fee?
- How old is the property?
- What's the size of the unit and garage separately?
- Is there any other hidden fees or issues we need to know or concerned about?