OTP - Apartment. Inner North of Melbourne

Discussion in 'What to buy' started by hlon8, 13th Jul, 2020.

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  1. hlon8

    hlon8 Active Member

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    I started looking at properties seriously and we came upon this property and I would love your advice.

    This apartment is a 2 bedroom 2 bathroom apartment with 1 car space on a tram line. It is on level 3 in the inner north. The asking price for this place is 545k with body corp at 1.8k. The settlement date will be early December. This is also when our lease to our apartment ends as well.

    My current finances are the following
    80k salary with 95k deposit at the moment.
    No credit card debts at all.
    Pre-approval for 460k.

    The builder is Lexicon and I've also attached the floor plan as well.

    Asked agent for the following clauses but rejected:
    Subject to finance at settlement
    Subject to valuation

    Should I still make a good on this apartment? The only thing I'm concerned is the bank valuing it at 480k and my LVR being being below 90% during November/December.
     

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  2. The Y-man

    The Y-man Moderator Staff Member

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    No way an OTP project will accept conditions like that!!

    The Y-man
     
  3. The Y-man

    The Y-man Moderator Staff Member

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    Which way is north?

    The Y-man
     
  4. hlon8

    hlon8 Active Member

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    Was worth a try :(
     
  5. hlon8

    hlon8 Active Member

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    The balcony is facing west.
     
  6. The Y-man

    The Y-man Moderator Staff Member

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    I like how the floorplan allows 2 separate Bedroom/bathroom arrangement (good for shared tenancies)

    OC looks very low - I'd look at tripling that.

    The Y-man
     
  7. Trainee

    Trainee Well-Known Member

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    you see the problem then.
     
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  8. hlon8

    hlon8 Active Member

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    Apparently the low OC is because there is only 35 apartments in the building.
     
  9. The Y-man

    The Y-man Moderator Staff Member

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    Gonna be hot - are the aircons feeding into the bedrooms? No flow through at all - unless you leave the front door open!

    The Y-man
     
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  10. The Y-man

    The Y-man Moderator Staff Member

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    EXACTLY why you need to triple it! Cost is spread among fewer apartments.

    The Y-man
     
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  11. hlon8

    hlon8 Active Member

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    Yes there is. One in the living room under the TV and the other in the slightly larger bedroom.
     
  12. Trainee

    Trainee Well-Known Member

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    What sort of amenities? Lifts, common areas?
     
  13. hlon8

    hlon8 Active Member

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    One lift. No amenities. I do get a car space.
     
  14. The Y-man

    The Y-man Moderator Staff Member

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    You'll need one in the other bedroom if you rent it out IMHO

    The Y-man
     
  15. The Y-man

    The Y-man Moderator Staff Member

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    How many levels total - 4? (basement + 3 levels of aprtments?)

    The Y-man
     
  16. hlon8

    hlon8 Active Member

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    Yeah defs. I will likely for now use it for a study for my partner and I. Is the LVR a concern?
     
  17. hlon8

    hlon8 Active Member

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    5 levels in total. The apartment is level 3.
     
  18. Kumagawa

    Kumagawa Active Member

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    If it's West-facing summer afternoons are going to be a problem.The A/C will help but electricity bills will be high.

    Are there units to the left and right of the unit? Assuming there are neighbouring units with the same floor plan, bedrooms being set against other bedrooms aren't too bad from a noise point of view, depending on how other residents utilise the space!

    Have you also given consideration to the noise and dust from facing a road and tram line? 3 storeys isn't very high and noise pollution from vehicle traffic could be an issue. Are the windows and balcony door double glazed?
     
  19. Kumagawa

    Kumagawa Active Member

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    Also, you mentioned there's only 1 lift in the building. When new that might not be a problem, but as it ages and if it breaks down / scheduled maintenance works is happening, having your lift go offline is a major nuisance.

    Not too bad of an issue for a 5 storey building, thankfully!
     
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  20. hlon8

    hlon8 Active Member

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    Yes there is. The unit sits in the middle between two others.

    The windows is double glaze and the apartment it self sits a bit back from the street.
     

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