buying a unit

[evand]

A relative rang me last night. She is putting in an offer on a unit in Sydney and asked me a couple of questions which i couldnt answer as i've never bought a unit, only houses.

They were:

Do people normally get a building & pest inspection on a unit. Do they inspect only the unit or the whole block?

How much of the body corp minutes do you need to ask for to view? Are there other relating documents to ask for beside the body corp meeting minutes?

Any other pertinent questions to ask the agent/vendor?

Thanks for any advice.

 

[CairnsInvestor]

A relative rang me last night. She is putting in an offer on a unit in Sydney and asked me a couple of questions which i couldnt answer as i've never bought a unit, only houses.

They were:

Do people normally get a building & pest inspection on a unit. Do they inspect only the unit or the whole block?

How much of the body corp minutes do you need to ask for to view? Are there other relating documents to ask for beside the body corp meeting minutes?

Any other pertinent questions to ask the agent/vendor?

Thanks for any advice.

I've bought 3 in the past so I'll tell you what I know. Ask for last year's minutes. In QLD, the agent is required by law to do a Disclosure Statement which details all the relevant information (excl. b/corp minutes); like Sinking & Admin Fund amounts, amounts payable each year, insurance details, etc. It's important to know from last year's minutes if the Body Corporate has any large/major expenses to undertake this year (ie. when I bought a unit last year, I found out through the agent; that there was no money left in the sinking fund [as the money was spent on complex guttering]; PLUS the Body Corporate was planning to paint the building soon; long story short; it meant after buying the unit I had to fork out of my own pocket $2,000 as a 1/4 share to pay for painting the building). I always get Building & Pest inspections & yes, they only do the unit you're buying. Hope this helps.

 

[GoAnna!]

I think the general structure and state of repair of the block is very important as it indicates what repairs will be coming up - are the sinking funds sufficient or would a special levy be required?

Lifts and pools are expensive!

 

[evand]

Thanks guys. Great info.