I was looking at a pretty old block of flats and it got me thinking… what happens when the block of flats is past its used by? Is there any point at which the BC can decide to tear down flats and rebuild? What would happen in this scenario? I can only imagine that there would always be some if not most owners for whom it would always be the wrong time to consider a big new sum of money. If I bought an older flat, how would I be sure I wasn't going to get this unexpected surprise?
I have been wondering this myself lately. Not because I am interested in getting involved with a body corporate investment property, but simply because as you say, eventually, the property would, as you rightfully point out, age to the point of needing to be torn down. It's an interesting topic. I'll be watching this thread to see if anyone knows the answer!
Jacqui Middleton | Middleton Buyers Advocates
http://www.middletonbuyersadvocates.com.au
Email Me | Phone MeVIC Buyers' Agents for investors, home buyers & SMSFs.
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