Buying a Unit at Mantra, Peppers Fortitude Valley - Thoughts & Discussion

PaperplaneXXX on 21/08/2020 - 22:18

Hi All,

Just considering to buy a unit to live in for 2-3 years comfortably then maybe rent it out.
Mantra Group, Peppers , Brand new building 1 year old, established. Brisbane Fortitude Valley.

Yes body corp is high - Roof top pool and other amenities.

Therefore I would like to get opinions pros and cons.

2 bed 2 bath Unit, what we really like is a layout.
really big comfy rooms 16 sq meters,
parking and a big storage cage.

Any thoughts much appreciated.

Maybe someone has got some insight etc.

Home & Garden

Comments

  • Kail on 21/08/2020 - 22:32
    +3

    I wouldn't live in Fortitude Valley if you paid me.

    • PaperplaneXXX on 21/08/2020 - 22:36
      +3

      I agree. Better to live in a quiet dead suburbia…where no people after 6 and go to bed at 9.
      people are different. Some like more busier life)) or areas.

  • mubd1234 on 21/08/2020 - 22:53
    +5

    I dunno about QLD, but in NSW it's generally a good idea to stay away from new buildings because of shoddy workmanship and bent building certifiers.

  • miwahni on 21/08/2020 - 22:56
    +3

    I clicked here, meaning to say nonononono but then saw you are looking to live in it, not buying for investment. If you like the area, then more power to you. Everything at your doorstep. Units are nicely appointed and surfaces would be durable etc due to their intended purpose. Just check with your bank that they will lend against a property such as this. Some smaller players might be reluctant to take this type of security, if the building itself is still advertised as being part of the hotel group. Bigger banks should be okay.

    If you're hoping for capital gain, however, you might be waiting a while. The pros of buying as investment - instant depreciation on fittings / fitout and good deductions going forward. The cons, though, are that Mantra basically cancelled or severely cut back all of their "guaranteed rental" agreements when Covid19 struck. Added to that the high body corporate, and the numbers don't quite stack up as an investment.

    Still, if you're planning on living there for a while, those factors may not be important to you right now. Just things to bear in mind for the future.

    • PaperplaneXXX on 21/08/2020 - 22:59

      thanks a lot for a very constructive feedback.
      Yes plan is to live for few years then maybe snap a reasonable house in a reasonably good area.

      • bargain ben on 21/08/2020 - 23:26
        +4

        You’ll lose money, nobody will want to buy it from you when it comes time to sell.

  • Bunnyburger on 22/08/2020 - 00:07
    +2

    No just no, I live in an apartment of roughly the same caliber. There's stuff you don't see and more importantly hear until you in an apartment.

  • thatonethere on 22/08/2020 - 09:46
    +4

    If it is Mantra just take into consideration whether your neighbours are going to be airbnb/short stayers. They can generate a lot of noise and have strange visitors and parties. Mantra won't do anything about it as they are making money from them.

    Also body corporate costs too. If it has a lot of expensive things to maintain it will be costly and you d want to be using them if they have gym or pool.

  • flagger on 22/08/2020 - 10:30

    Read this thread: https://www.reddit.com/r/brisbane/comments/hs9u2w/thoughts_o…

    tldr: half residential, half hotel, so be prepared for noise.

    Also a guy from work rented there for about a year and absolutely hated it.

  • Flowerbomb on 22/08/2020 - 11:46
    +1

    New unit/apartment= no for me. Doesn't matter which state you are in. The strata fees are insane, coupled with your mortgage, and everyone else might have the same idea to rent it out. Particularly if there is plentiful of new development in your area.

    Sounds like a perfect recipe for mortgage stress. I wouldn't do it if i were you.

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