Property in Murray Street, Perth

Hello

I am Odeta Stuikys Rose.

I am planning to buy a property in Murray Street, Perth. The property is affordable and the location is also nice, but I am nervous, mainly because this is new to me.

Can anyone share advice on managing property?

Your valuable comments will be appreciated.

Thanks!!

Odeta Stuikys Rose

 

Some "cheap" apartments on Murray Street are rooms in hotels you own and a hotel company rents off you.

Other livable apartments can have a weekly "strata" fee of $130 a week (more or less), So on top of the repayments on a $350k apartment there is another $132 a week to pay.

Any number of real estate agents can manage your property. In WA that can be 10% which is double what some pay in Sydney.

With a PI loan, management fees, rates etc and strata fees with current WA rents I doubt it would pay its way.

 

Murray street has a range of properties. Might be worth posting the address or something more specific if you want some replies, Odeta Stuikys Rose.

 

Thank you Shogun

 

Thank you so much guys for your suggestions.

 

You will need to ensure you know the true cost of the property you are purchasing. Look into
1. strata fees
2. body corporate fees
3. how many dwellings are in the building, how many are currently vacant and what will your competition to get a tenant be?
4. do you know how much property management fees are in Perth - much more than in NSW if that is where you have holdings

 

I would also request a copy of the strata details including last year's budget, sinking levy, Seller's paid to date, and past meeting minutes. It's best to confirm there is nothing unexpected coming up.

 

I recommend you obtain an understanding of the building depreciation tax deductions.

That will help you understand the after tax returns from owning your investment.

Murray Street has a wide range of property types.

 

Ross Forrester is right Odeta Stuikys Rose