Managing money

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  • 16/01/2012 at 1:59 pm #7855 Reply | Quote
    peaceofmind

      I am an owner in a 2 unit strata. The other owner and I recently decided to self manage because of high unit management fees.

      Our only shared property is our garage walls and a section of ceiling. Do we still need to set up a sinking fund? If so, are there some guidelines as to amount of money per months/year? Where does this money go?

      Also we are organizing insurance through an insurance broker. Any advice on the best way to pay this? A dual bank account (which other owners don’t see as necessary) or cash payments?

      Any advice is welcome, thanks.

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    Reply To: Reply #16906 in Managing money
    PLEASE ... If your property is not in NSW, mention its location (state). Don't identify companies or individuals by name. Don't mention or promote your company or services. Keep acronyms and initials to a minimum. Please, don’t use “quote” unless there is a specific point to which you wish to refer, then highlight (define) that specific passage before you click on "quote". Otherwise just use reply. THANKS.

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