2 Bedroom Unit for Sale in WONGAWALLAN 29/400 Ruffles Road

29/400 Ruffles Road WONGAWALLAN

SOLD by The Edgar Natolo Team

If you have seen these for sale & sold before, well things have changed and it is even more exciting as these properties are now available to all the public markets, investors, first home buyers, downsizers, retirees, owner occupiers, weekenders, whatever use your heart desires!

Located in Willow Vale, offering investors a very rare positive geared property with secure income source. The property can either be leased out to anyone from the public (as a normal rental property) or you can live in this yourself making this very, very affordable home.

This hilltop property features:
- 2 bedrooms
- Open plan living design
- Split system air-conditioner
- Bathroom with spa bath + separate toilet
- Fully functional kitchen
- Large outdoor balcony
- Water connection available and also has tank water
- Electronic gated estate
- Facilities include swimming pool, tennis court and a gated entry.
- Property will be sold vacant.

Current maintenance:
- Property needs gutters cleaned, gutter guard installed and the water tank cleaned.
- An antenna needs to be installed for digital TV signal. Quoted amount is approx $398.
- Water to connection to the bore bore water. Pipe runs along the rear of the property and just needs a plumber to connect to the house. Quoted cost approx $650.

Want to live in there yourself?
Should you wish to live in there yourself, the only expenses are body corporate fees, council rates and building insurance as below.

Yearly Rental Income = $14,820.00 ($285 per week)
Less yearly expenses:
Body corporate fees = $4,063.41 (Admin Fund $1,584.03 + Sinking Fund $2,479.38)
Council rates = $1,844.60
Rental Management fee = $1,458.60
Building Insurance = $134.36
NETT INCOME approx = $7,319.03


Borrowing funds?:
- Current known lenders include: Suncorp, ANZ and Bank of Queensland.
- Due to smaller land size, banks will lend 50-60% of the sale price. Cash or equity in other property will be required for the balance.
- Based on ANZ \"Interest Only\" Loan, currently at 5.88% for 30 years, borrowing 60% of sale price which is approx $72,000, loan repayments are = $5,124 per year.


Common FAQ

Question: What are the vacancy rates?
Answer: Vacancy rates are based on how you wish to rent out the property. As with all the other properties, houses, units, apartments we manage on the Gold Coast and Brisbane we recommend you obtain long term tenants with 6 month leases minimum and 12 months preferable and give tenants to option to continue renewing their leases to avoid any vacancy period.

Question: Who is managing the properties?
Answer: As we have many years experience there and a well established property management division our agency will be managing many of the properties there.

Question: Are there any restrictions or permission needed if I want these in the future?
Answer: No restrictions, this is just like any other normal property, you can rent, sell them whenever and to whomever you want.

Question: Are these strata titled, do I own any of the land?
Answer: Yes, just they are just like owning any other property, townhouse or duplex. You own the land size written in the description.

Edgar