Strata Titling

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From: Donna Larcos


Anyone know the rough costs of Strata
titling a block of six flats which I am
presuming are to be sold in one line.
Look like they were built in the sixties. I
think it makes it easier to get finance if
they are strata-ed (how do you spell that?)
Would this improve the block's value or
not much?

Thanks for your help.
 
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Reply: 1
From: Rolf Latham


Hi Donna

The cost comes down to what the council will allow you to do wioth the place.

1960s block suggests you may have fun with fire regs etc.

First stop should always be the friendly local town planning department. They are surprisingly helpful.

Most of my clienst have had issues with SEPP 10 which relates to provision of affordable accomodation - not allowing subdivision since this causes prices to increase etc etc etc.

Depending on the quality of the security and the strength of the application it is possible to get 80 % P&I on these things without LMI.

Ta


Rolf
 
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Reply: 2
From: Michael G


Hi,


One of your biggest costs will be the section 94 council contributions.

Basically councils charge developers a fee when new blocks are created, the reason being, more blocks mean more people and this goes towards the cost of servicing the extra infrastructure which the larger population then strains.

Your other costs will be a surveyor to draw up the titles and a relatively small fee to register the titles with the Land Title Office, this is what I've gathered looking into it myself.

Michael G
 
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