Hi guys,
I have received the results from a strata report regarding a 2br apartment in Sydney's inner west built in the 1960's
Small block of 13 apartments (no lifts, pools, gym etc) going to auction soon.
Levies are $500 per quarter
Sinking fund $13,000.00
Admin fund $500.00
Current owners are $3000 arrears on levies.
My concerns are;
-the amount in the sinking fund is not enough to cover emergency one-off expenses
-Owner is in arears (what happens if they are also behind council rates etc)
- recent Safety assessment Report from suggests "presumed bonded asbestos" in exterior and interior locations around the property
Should I walk away or these concerns aren't that bad?
The apartment is in an excellent location, near restaurants, public transport and schools.
What are your thoughts?
I have received the results from a strata report regarding a 2br apartment in Sydney's inner west built in the 1960's
Small block of 13 apartments (no lifts, pools, gym etc) going to auction soon.
Levies are $500 per quarter
Sinking fund $13,000.00
Admin fund $500.00
Current owners are $3000 arrears on levies.
My concerns are;
-the amount in the sinking fund is not enough to cover emergency one-off expenses
-Owner is in arears (what happens if they are also behind council rates etc)
- recent Safety assessment Report from suggests "presumed bonded asbestos" in exterior and interior locations around the property
Should I walk away or these concerns aren't that bad?
The apartment is in an excellent location, near restaurants, public transport and schools.
What are your thoughts?