OTP-Due Dillgence

Discussion in 'What to buy' started by radioactive, 12th Oct, 2019.

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  1. radioactive

    radioactive Well-Known Member

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    Pardon my ignorance,What is good way to ensure you are not buying overpriced OTP packages?
    How do you ensure whether it is appropriately priced-Just by looking at recent sales?
    Also,how to compare offered finishes/quality-if someone knows any good material to understand about specifications would be great.

    Thanks in advance
     
  2. The Y-man

    The Y-man Moderator Staff Member

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    Is it house/townhouse/villa or apartment?

    Depends on the size/location of development. Most apartment OTPs are hard to value as there are no previous sales to compare with and/or for larger devs they flood the area in one go so depress prices (and rents).

    One way you can use is to work on a $/square metre basis with existing devs.

    Materials aren't as big a problem as the build quality - the builder is very important (not developer). If it's an apartment, go with a builder that is listed - they tend to fix problems very quickly and are easier to deal with (they have proper processes)

    The Y-man
     
  3. radioactive

    radioactive Well-Known Member

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    Thanks.Its a new build dual Occ in brisbane area on roughly 450 sqm of land.
    I have shortlisted Aushomes.
    How to ensure finishes and fittings quality?
    Is there any standard to refer to
     
  4. Travelbug

    Travelbug Well-Known Member

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    Please check on the legality of renting out these properties. In many Qld councils it is not legal to rent the second dwelling to an unrelated party. I heard the agents are telling people they can rent them separately but it is often not the case. Please ring council. Do not take the word of the person making the sale. They have a vested interest.
     
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  5. radioactive

    radioactive Well-Known Member

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    Thanks mate.Noted on vested interest.
    The dual occ in logan,moretonbay and ipswich councils are legal.
    Most builders selling these products already have council approvals.
     
  6. Scott No Mates

    Scott No Mates Well-Known Member

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    @radioactive Is it a duplex or a house with a granny flat, the latter not being able to be leased separately regardless of council approval.

    Check with the council - plenty of threads about it Logan, BCC, Ipswich - all different.
     
  7. radioactive

    radioactive Well-Known Member

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    @Scott No Mates
    Thanks.As of now only these 3 suburbs allow being rented seperately.
     
  8. The Y-man

    The Y-man Moderator Staff Member

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    You go to the "display unit" and talk about the materials/finish.
    Having said that, most contracts says "the developer reserves the right to replace the expensive stuff we showed you with the cheapest stuff we could find on Alibaba"


    The Y-man
     
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  9. The Y-man

    The Y-man Moderator Staff Member

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    When we bough OTP, we had more issues with "workmanship" than "finish" - eg cracked tile in bathroom, broken shelf inside kitchen cabinet. It was also stuff that we didn't realise wasn't included - like door stops (you discover after door knob makes mark on wall.... or bathroom doorknob hits shower screen)

    The Y-man
     
  10. Travelbug

    Travelbug Well-Known Member

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    No one said they aren't legal. I'm sure the building is legal. Legally renting them to an unrelated party is a totally different issue. That's what I'm talking about. Different councils, different rules. So are your saying that you know it is legal to rent to unrelated parties in those councils?