I'm trying to decide whether to go ahead with purchasing a unit or not. After reading the strata report I have second doubts due to the structural engineering report dated 2009 (approx 5 years after the building was finished) that there has been cracks in the plaster in the walls within the unit and the common walls in the building hallways etc, as well as basement leaks. The cracks are still there even now (unsure if they are the same cracks, or new ones) when I recently inspected it.
The strata has also skyrocketed from $566 p/q in 2011 to $924 p/q in 2014 financial year, and a budgeted amount of $934 p/q in this financial year (so not much of a budgeted increase). So while there were alarm bells with the structural damage (the builder has since got delisted with ASIC!), the strata seems to be "OK" (in terms of not much more increase for next year). I'm a bit concerned with the history of the structural damage...but it is for a fairly good price and good rentability in the Southwest corner of Sydney.
I'm just wondering since it's also my first IP - is it a normal occurrence to have structural damages in the strata report i.e nothing is built perfectly?? As that is my main concern. Also the high strata cost worries me, I'm new to all this but all I can see is that there is a lift and parking lot that can contribute to the strata, so why is it so high? The unit is in Southwest Sydney, near Campbelltown region, and the building is approx 10 years old.
I'm in it for the long haul so I'd rather not buy something that will cause more problems later for me? Any insights from anyone who's been through all this?
The strata has also skyrocketed from $566 p/q in 2011 to $924 p/q in 2014 financial year, and a budgeted amount of $934 p/q in this financial year (so not much of a budgeted increase). So while there were alarm bells with the structural damage (the builder has since got delisted with ASIC!), the strata seems to be "OK" (in terms of not much more increase for next year). I'm a bit concerned with the history of the structural damage...but it is for a fairly good price and good rentability in the Southwest corner of Sydney.
I'm just wondering since it's also my first IP - is it a normal occurrence to have structural damages in the strata report i.e nothing is built perfectly?? As that is my main concern. Also the high strata cost worries me, I'm new to all this but all I can see is that there is a lift and parking lot that can contribute to the strata, so why is it so high? The unit is in Southwest Sydney, near Campbelltown region, and the building is approx 10 years old.
I'm in it for the long haul so I'd rather not buy something that will cause more problems later for me? Any insights from anyone who's been through all this?