Forum Replies Created
Thanks for the insight Derek, I'm planning to have a closer look (second inspection) at the property this weekend. the thing is we are looking for a place to move in and size+location wise they are just perfect, might need a bit of renovation (repainting etc) to suit our needs, just need to make sure that the strata issue won't cause a huge trouble in the future.
thanks Richard for the advice, I checked and it seems to be the case with the negative admin fund, most of the negatives came from arrears of levy payment from tenants.
The strata had insurance cover and as far as I know generally it covers the first 7 years of the property? so does it mean, let's say if I bought the property and something happened in the next 3 years to the building, the insurance will cover it?
Thanks Jamie, that's helpful to know regarding the building issues. I just hope that it is not a major issue with the building, even if it does, it would be the responsibility of the builder?
yea true that the balance of the whole strata admin is quite worrying. Anyone else had experience with negative balance on their strata fund? I'm just worried that if something happened with the property in the future they might suddenly increase the strata levy because they don't have money in the balance? how does insurance play role in the whole sudden expenses?
Dan
