Hi All
My sister and I are purchasing two units next door to each other. One settlement will be prior to X-mas so we can renovate the unit during the break, and the other one, which is in a more reasonable condition will be mid Jan.
I am currently going through the strata report, and the exchange is to happen by Monday at the latest to enable us to obtain vacant possession 3rd week of December.
There are 36 units in the block, and the strata plan was registered in 1975 - so about 36 years ago!
The Strata recently raised a special levy $444 per unit for some fencing.
The strata report notes special levy will be required to get around the debit balance of the sinking fund. But I wonder why would they not pursue the outstanding levies first?
The unit I am purchasing has a leaking ceiling - which is meant to be fixed by strata prior to settlement (there is a clause in the contract to this effect).
The numbers look horrid, and I wonder if this will cause issues down the track. I think the properties are going to be $200 (each) negatively geared per month, I wouldn't want the strata blown out of proportion and impact the other all cash flow.
These are our 2nd properties each, so learning.
Would appreciate your insights.
Thanks
Mona
My sister and I are purchasing two units next door to each other. One settlement will be prior to X-mas so we can renovate the unit during the break, and the other one, which is in a more reasonable condition will be mid Jan.
I am currently going through the strata report, and the exchange is to happen by Monday at the latest to enable us to obtain vacant possession 3rd week of December.
There are 36 units in the block, and the strata plan was registered in 1975 - so about 36 years ago!
- The Sinking Fund is $340 in DEBIT balance (the forecast states there should have been at least $1,254 in there)
- The Admin Fund is positive $5,455
- Close to $5K in levies are in arrears!
The Strata recently raised a special levy $444 per unit for some fencing.
The strata report notes special levy will be required to get around the debit balance of the sinking fund. But I wonder why would they not pursue the outstanding levies first?
The unit I am purchasing has a leaking ceiling - which is meant to be fixed by strata prior to settlement (there is a clause in the contract to this effect).
The numbers look horrid, and I wonder if this will cause issues down the track. I think the properties are going to be $200 (each) negatively geared per month, I wouldn't want the strata blown out of proportion and impact the other all cash flow.
These are our 2nd properties each, so learning.
Would appreciate your insights.
Thanks
Mona