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How about a Forum where people like me who are looking to buy into strata can post comments or questions not asked so far (or I don't think have been asked)?
What do people looking at Strata for the first time need to know?
I recently sold a Torrens Title house (in NSW) and want to buy a two bedroom villa.
My Conveyancer from the sale of my house has given me some great advice and referred me to a good Strata Search service, and also someone to do Building and Pest inspections. I have been very happy with them.
I have paid for three Strata Searches so far, and bid unsuccessfully at one auction, after also doing the Building and Pest inspection.
The first place I was interested in has a $9.6 million dollar claim to repair the building before the Supreme Court. These were problems from construction. The insurance company only offered $150,000. The cost of the repairs would be between 63 units.
The other two places were villas. One an “original” in a group of six built in the late 1960's with a sinking fund total of $2,000, the other in a group of nine, probably build in the 1980's. The sinking fund was around $1,200.
Only one had a 15 year plan but that was a joke. For example, “Painting” – $350. I am not a tradesperson but I have a general idea of costs of painting and repairs.
The Strata fees for both lost of villas were around $420 per villa.
It appeared in the two lots of villas, the owners were elderly, and the two I looked at were for sale because the owner was going to aged care.
While I can understand elderly people on fixed incomes would find it difficult to pay increased Strata fees, it is false economy not to repair their building.
I realise some landlords are not really interested if the building is falling down as long as they get their rent.
One unit I looked at but was not interested in was in a block of 12, where they had no sinikng fund but were going to start one.
What is the law about sinking funds?
Are Strata rules for Retirement Villages for independent living different, other than people being older?
Any advice will be thankfully received.
After reading some of the posts to this forum, I may have to work for a few more years and try to get a small house.
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