Hi all
I'd like some advice on the following: I've just received the Strata Report on a 30 year old unit in a NSW regional town.There are 38 lots in the complex.
- I note that the present Admin Fund balance is $1,124.81 and Sinking Fund balance is $21,725.70. Quarterly levies are $262.16 for the Admin Fund and $42.89 for the Sinking Fund. These amounts appear to be extremely low to me.
Also the Owners Corporation did not approve an increase in the levies in 2011. Next expected increase at the AGM in April 2012. The Building Inspection report showed that the roof flashing and timber barges are deteriorating and should be repaired - this is a Owners Corporation responsibility and for the unit in question will cost around $4,000
alone.
- Under the Strata Roll heading there is a note: Mortgagee that is recorded on the roll: Yes - What does this mean?
In view of the above I'm seriously thinking of not continuing with the purchase.
Any comments?
Ciao
annE
I'd like some advice on the following: I've just received the Strata Report on a 30 year old unit in a NSW regional town.There are 38 lots in the complex.
- I note that the present Admin Fund balance is $1,124.81 and Sinking Fund balance is $21,725.70. Quarterly levies are $262.16 for the Admin Fund and $42.89 for the Sinking Fund. These amounts appear to be extremely low to me.
Also the Owners Corporation did not approve an increase in the levies in 2011. Next expected increase at the AGM in April 2012. The Building Inspection report showed that the roof flashing and timber barges are deteriorating and should be repaired - this is a Owners Corporation responsibility and for the unit in question will cost around $4,000
alone.
- Under the Strata Roll heading there is a note: Mortgagee that is recorded on the roll: Yes - What does this mean?
In view of the above I'm seriously thinking of not continuing with the purchase.
Any comments?
Ciao
annE