Strata report issue - Should I buy this investment property - advice please?

Novive,
Is you mum a PR or citizen of Australia?
You say she has health problems, will they permit her to live here on a permanent basis?
 
Reading your initial details about the building indicates to me that a lot of shortcuts have been taken with the construction and I would be concerned about what has not been found yet.

Fixing structural corrosion depending on location could be a massive job requiring walls to be striped back to expose the beams. If the corrosion extends into new concrete in a few years you could end up with concrete cancer/cracking.

Same with sound proofing not only could your unit be unusable for months as they refit it to acceptable standards but then you have the subsidiary damage of carpets, paint and so forth.

I would not be surprised if the repairs approach 3/4's of the construction cost. But it all depends on exactly where the issues are and how wide spread.
I'm stuck with a house with structural issues atm and believe its going to be almost cheaper to rebuild than repair.

I hope you don't take offense at this but is it really wise to be spending 600K+ on a place for a relative.
Perhaps a nice new granny flat further away. Put the extra towards supporting her and yourself.
 
Strata finance is a last resort. The interest rates are high (over 10%) as there is no security/lien over the property, nor any guarantees from the owners.

If the owners corporation to fix dodgy repair work is to finance the repairs with a high interest loan, thats just more reason to not get involved.

Tell me, whats the sinking fund balance? For a 105 unit block it should be in the several hundreds of thousands, if not the low millions
 
yes all over
- although i might be interested if another one in the complex becomes available as they still seem to be able to sell ok (presumably there were a few people vying to buy it as it sold for higher than what i had been offered earlier)
 
i think he may be telling the truth in this case because there was a 5 day cooling off period between the claim of an offer and the completed sale (although i guess the buyers could have been sorting out finances or doing other stuff)
 
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