We own a few duplex pairs and an interesting thing happened to a friend of ours that raised some questions.
She owns a duplex. Insurance account arrives for the building so she approaches the neighbour for half. Neighbour says sorry I'm broke, can't pay. Not great for new neighbourly relations but that aside it raised these questions.
1. What are her options? I suggested that she pay the full insurance as she needs to be covered and then try small claims court.
2. A BC with regular contributions would negate this problem occuring but is it worth seting up with the ongoing fees etc just for a duplex?
3. If you were to set up the BC would you use a professional manager? Sounds like more expense to me - for just 2 units.
Fortunately we own both units of our duplexes but in the furture we may sell one and this has thrown up these questions.
Experiences and replys welcome.
She owns a duplex. Insurance account arrives for the building so she approaches the neighbour for half. Neighbour says sorry I'm broke, can't pay. Not great for new neighbourly relations but that aside it raised these questions.
1. What are her options? I suggested that she pay the full insurance as she needs to be covered and then try small claims court.
2. A BC with regular contributions would negate this problem occuring but is it worth seting up with the ongoing fees etc just for a duplex?
3. If you were to set up the BC would you use a professional manager? Sounds like more expense to me - for just 2 units.
Fortunately we own both units of our duplexes but in the furture we may sell one and this has thrown up these questions.
Experiences and replys welcome.