Thanks guys. We've been down to the council already and the zoning is fine.
It's more that I don't know about buying costs and running costs on commercial property. Things like gst, and how the strata fees work, etc. If our roof gets a leak do we pay for it or is it a body corporate issue? How much money should I expect the body corporate to have in a sinking fund? Do I need to know if the building has public liability insurance or something?? I just have no idea about commercial property. At all.
Like all strata plans, remember to:
Look at the Strata Search report as it should include:
?the financial status of the scheme
?pending building works
?special levies
?past works history
?all expenses for the past two years
?10-year budget analysis
?general information on:
◦insurances
◦by-laws
◦any disputes
◦any other areas under investigation
Ask questions such as:
?Is the building adequately insured?
?Is there a recent building valuation to support amount of insurance?
?Does the Strata Scheme have an adequate sinking fund, taking into account the age of the building, the current state of repair and the type of construction?
?What are the levies and can I afford them?
?Are there any special levies planned or recently discussed?
?Are there any outstanding building works, unpaid invoices, etc that could result in a special levy?
?Is the annual sinking fund allocation adequate?
?What are the current balances in the Administrative and Sinking Fund account?
?Are there any current or proposed litigation matters involving the Owners Corporation?
?Are there any limitations or restrictions on the use of common property which may affect me?
?Are there any outstanding public liability claims involving the Owners Corporation?
?Have any alterations to the unit been approved by the Owners Corporation?
for example: the installation of an air conditioning unit
Gook luck.
