Buying an apartment - anyone done it?

[manofunreal]

We're looking into buying an apartment in Brunswick, maybe off the plan... Anyone done so recently and got advice? (even if it wasn't off the plan)

I'm trying to wrap my head around all the costs, like obviously you've got the cost of the house (deposit plus mortgage plus interest,etc.) but then there's body corporate fee's, council rates, possible extra body corporate one off fees for maintanence, life insurance (required for a mortgage)... F*ck me! How do I work out how much it's really going to cost me so I can work out how much I can really afford?

Any help would be muchly muchly appreciated if anyone else here has taken the leap...

[deviant]

ask flippo

[manofunreal]

Who?

[Amick]

http://forum.melbournebeats.com/memberl ... ofile&u=68

[manofunreal]

Okay... Should I really ask him or am I missing something? Just wasn't sure because of the wink

[kronz]

Ignore them that are just mb.c whores

I live in Brunswick, Brunswick is cool, I like Brunswick.

Buy off the plan will save you cash, other than that i know fuck all about it.

[Amick]

Ignore them that are just mb.c whores

I live in Brunswick, Brunswick is cool, I like Brunswick.

Buy off the plan will save you cash, other than that i know fuck all about it.

stay away from brunswick.

[Direkt]

I have done it.

Not sure what that has to do with buying an apartment though...

[manofunreal]

Should've known this was the wrong place to ask

[witty_pseudonym]

my ma's just moved in to her apartment that she bought off the plan. saved a shit load in stamp duty so for that alone it was worth it...for her anyway. wicked little pad too. the only thing is DELAYS. All stories I've heard about buying off the plan have all experienced loads of delays as far as actually moving in. My mum's was almost 18 months late and a friend of a colleague's was 12 months. So as long as you're not too hung up about moving at a particular time and willing to put up with the uncertainty of a settlement date, then i'd go for it tbh.

[manofunreal]

Thanks dude... Yeah I think I can deal with that to save the money. Just wont tell my lady that 'cos we're gonna be living with my folks until we move in!

[nic]

off teh plan fail imo
new age scam

[manofunreal]

why do you say that?

[witty_pseudonym]

never, ever listen to nic.

[ADD_Boy]

all about penaltys if you buy off the plan..

So when signing a contract make sure there is a set date for settlement, and also penalties for them being late (the builder pays you or offsets the amount you owe them by the penalty).. I wouldn't sign a contract without this clause.. A friend did and is now at the mercy of the builders..

Depending on a few things your BC fees will vary (IF there are lifts/pool etc in the building expect 2K or more). Can usually be paid quarterly.
Council rates, depends on the suburb, bu maybe budget 250 a quarter.
You dont need life insurance, that's up to you.
You will need LMI (Mortgage lenders insurance) if you have less than a 20+% deposit. (built into the loan)

I'd sit down with a financial planner or mortgage specialist in a branch (free) for more advice..

[manofunreal]

Thanks ADD_Boy... My mate just bought a house and I thought he said he had to get life insurance. Maybe I was thinking of LMI. Either way, it'd be a bit silly not to get life insurance really. Cheers for the info.

[Amick]

Either way, it'd be a bit silly not to get life insurance really.

Dying FTL.

[manofunreal]

Indeed

[deviant]

Either way, it'd be a bit silly not to get life insurance really.

Dying FTL.

[youthful_implants]

I just bought a house, and the stamp duty is such a fuckin scam.

Thats all I really have to say on the matter, other than real estate needs proper regulation and less of this auctioning nonsense.

[lilstormer]

Go and see a mortgage broker. They can get you the best deal on a loan and also explain all the financial ins and outs of buying a property. We're in the process of doing the same thing and the mortgage broker advice has been invaluable. Plus it's free

[manofunreal]

Thanks dude... Yah that is the plan. Just kinda wanted to have an idea of what we have to spend before we do so...

[konk]

Whats off the plan?

[manofunreal]

Assuming that's a serious question, it's when you buy something that hasn't been built yet. You pay less because you're buying it based on conceptual drawings and floor plans rather than looking at an actual place.

[autumnleaves]

What if you don't like it after it's built? Or if the builders do a shitty job?

[manofunreal]

It's all here - http://www.lawyersconveyancing.com.au/plan.asp