在澳大利亚 I need some advice regarding a property purchase. Property - semi-detached house Bedrooms - 2 Condition - average needs internal reno to modernise Street - one of the best in suburb Location - excellent Close to schools - yes Transport - 50m The pool at of an IP needs to be resurfaced (or so the pool doctor says), the cost was estimated to be $10K ($10,000), after recoverying from my impresssion of a cat coughing up a fur ball, it just seems far too much. Its just a standard poo
Having previously only ever considered houses, I'm starting to have a look at apartments. With strata fees, is there any way of knowing what they will be in 5 years, 10 years, etc? How easily can strata fees be jacked up?
If you do a strata search you will often find cash flow projections out to 5+ years for what the expected expenditures will be and what the strata levies will be planned for.
Of course the BC has the power to raise a special levy, in the event of something unforseen and not budgeted for.
Thanks for this. I've never seen a strata search before. Do different body corporates having different rules as to what constitutes a majority vote when it comes to upping the strata? Is there a norm?
You will find many strata properties are run reactively instead of proactively.
So if a special levy needs to be raised it's because something needs to be done yesterday.
NSW strata schemes are suppose to have 10 year sinking fund plan which forecasts upcoming expenditure and recommendations for setting sinking fund levies. However there is no penatly for not doing this audit so many schemes are not complying.
garbage said: ↑
Thanks for this. I've never seen a strata search before. Do different body corporates having different rules as to what constitutes a majority vote when it comes to upping the strata? Is there a norm?Click to expand...There will be a quorum for meetings (minimum number attending). In my experience (agreeing with twobobsworth) most people do not attend the meetings. So if you go your voice will be heard.
No-one WANTS levies to go up. So usually they only go up if there's a need.
When searching look at the buildings for things that cost more to upkeep (pools, lifts etc). If looking at older (I mean really older, not 20 years) assume things will need doing. For example I know one block in the city which had to pay $200,000 for cranes and scaffolding to replace all the windows.
garbage said: ↑
With strata fees, is there any way of knowing what they will be in 5 years, 10 years, etc? How easily can strata fees be jacked up?Click to expand...I learnt the hard way how strata fees can be jacked up.. 6yrs after the building completion, all building faults were taken to the builder to be repaired under the "builders warranty", anything not covered was paid for by the body corporate.. bc also decided to give just about everything else a facelift.. new paint/carpet to the communal areas, resurface some of the pool, etc etc
So watch out for the period when the builders warranty expires.. prime time for the strata fees to be jacked up me thinks