Real Estate Matters
About This Show
Real Estate Matters provides lots of information about ‘the game of real estate’. It is especially for new players.
So if you are a first time renter, first home buyer or first time investor this is podcast series is designed for you.
Toni Planinsek talks with lots of people - both professionals and beginners about all the different aspects of getting
into property. Through hearing the stories from both sides you will learn not only the basic real estate information,
but the tips and tricks of the trade. You will be able to move into property like a pro - independently and with confidence.
Most Recent Episode
Buying Off the Plan - Understanding the Fees Episode 36
5 days ago
For new buyers, there are several advantages to buying a home “off the plan”. Buying off the plan, the practice of committing to purchase a property before it’s completely built, can save significantly on stamp duty, for instance. But if you’re considering going down that path, are you aware of the costs that can be hidden in the contractual fine print? You might find yourself with a good deal at first that costs you dearly in the future. In this episode of Real Estate Matters, Toni tackles what to look out for when buying off the plan. First up, Toni explains the structure of owners’ corporations, and how managers are appointed. She describes examples of what owners’ corporations are responsible for, and how budgets are set at annual general meetings. Then Toni points out some ways that developers can use owner’s corporations to lock buyers into high-cost maintenance fees that ultimately benefit the developers themselves. Do you know the questions you should ask before you commit to an off-the-plan property and its associated owners’ corporation fees? Toni takes us through suggestions of what to look out for, what to ask, and where to get comparisons. She also explains cooling-off periods, and how to make sure that if you end up signing a contract under duress, you have a chance to get out! Topics Covered What is an owners’ corporation? What is an owners’ corporation responsible for? How an owners’ corporation manager is appointed How developers can use the first-year AGM to manipulate fees and contracts Common charges that are covered by owners’ corporation fees Questions to ask before you commit an off-the-plan property Resources for finding other properties’ fees for comparison Cooling-off periods Learn More About Owners’ Corporations and the Current Law Review Consumer Property Law Review, including options for report of the Owners Corporations Act 2006: https://www.consumer.vic.gov.au/resources-and-education/legislation/public-consultations-and-reviews/consumer-property-law-review Issues Paper 2: Owners Corporations Act 2006. This paper considers issues with the act, submitted by the public: