Whats the average $$$ in a strata sinking fund?

[streetie]

Whats the average $$$ in a strata sinking fund?

i live in a red brick 1950's block of 12 units in sydney. Im reading through the notes for the annual meeting coming up and I notice there is only around $6000 in the sinking fund.

that doesnt seem much to me or is it?

i know they want to replace all the balustrades with a cost of over $30,000 . so i guess we might be having a special levy soon

 

[big_head]

3k per unit is a decent guide imo. 6k for a block of 12 is a little concerning, but i don't think its uncommon

 

[Scott No Mates]

Probably not too unusual but how much are the current levies? If they want to achieve the replacement asap then you will all be kicking the tin for $2.5k as a special levy otherwise they can raise the levies over 6 or 8 quarters to get closer to the required funds ie plan for replacement rather than reactive maintenance/replacement.

How much are the current running costs per quarter? Are the sinking & admin funds sufficient to cover insurances, lawn mowing, council rates, gutter cleaning, general maintenance, annual compliance issues etc?

 

[travelbug]

I bought as unit that had $30 (no zeros emitted) for a block of 12. Another had $100,000 (big block but they had a big spend coming up so were building it up). I was happy as it didn't cost me anything.

Have they just done a big spend on something? Ask to see the 10 year plan to see what expenditure is projected then maybe increase the levies to get away from having a special levy later.