1 Bedroom House for Sale in WONGAWALLAN 7/400 Ruffles Road

7/400 Ruffles Road WONGAWALLAN

POSITIVE GEARED INVESTMENT

Located in Willow Vale, this 2 level chalet offers 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.

The property features:
• 1 bedroom with bathroom upstairs
• Open plan living design
• Split system air-conditioning
• Brand new entire kitchen with gas cooktop
• Large outdoor balcony
• Laundry
• New Free to Air digital TV satellite dish
• New clothes hanger installed
• Brand new polished floors
• Electronic gated estate
• Facilities include a swimming pool & tennis court
• Land size is 128m²
• You also own a portion of all the common ground and property
• Property is currently vacant

Live in there yourself:
To live in there yourself, the only expenses are body corporate fees, council rates and building insurance as below.
Keep as an investment:
• Can be leased for $300 per week
• Yearly Rental Income = $14,400
Less yearly expenses:
• Body corporate fees = $2,962.59 (Admin Fund $2,178.17 + Sinking Fund $784.42)
• Council rates = $1,204 (approx)
• Rental Management fee = $950.40
• Building Insurance = $134.36 (approx)
• NETT INCOME approx = $9,148.65 per year.

Borrowing funds?:
• Current known lenders include: Suncorp, ANZ and Bank of Queensland.
• Due to smaller property size, banks will lend 60%-80% of the sale price. Cash or equity in other property will be required for the balance.
• Based on ANZ Basic Variable Loan, currently at 4.61% for 30 years, borrowing 60% of sale price which is $120,000, loan repayments are = $142.03 per week / $615 per month / $7,380 per year.

Common FAQ:
1) 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.

2) Who is managing the properties?
Answer: As we have many years experience there and a well established property management division our agency we manage the properties.

3) 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.

4) 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.

5) How many Chalets are there?
There are 38 Chalets in the retreat with the log style 1 bedrooms on the left side of the retreat and the highest 2 bedroom homes on the right boundary of the retreat

6) How old are they?
Originally built in 1992 and 1993

7) Is the sale freehold or leasehold?
The sale is strata title freehold meaning you own the title to the property just like any other normal property.

8) Is there many recent sales?
These are extremely high in demand properties that keep increasing in value. We sold Chalet 6 within 1 day in December for $185,000. Chalet #7 which is the one for sale has been recently renovated.

9) Would you experience capital growth?
Like most property investments it is subject to the forces of the property market including, supply & demand, interest rates, consumer confidence, etc. Historically these chalets keep rising in value immensley each time once becomes available which is very rare.

10) What common area land title does the Body Corp fee maintain?
Approx 81 hectares of common area

The Edgar Natolo Team