Recharged and re-focused after the conference I've just come accross a unit for sale that looks interesting, however I am unsure, of all the thinks I talked and asked people who've been in the game for a while I never asked what would help me now; so could someone help.
It's a 2 bedroom strata unit (house) in a group of 4. I would buy it to make a quick cosmetic reno (it is structurally in good condition, and in great location, not even dirty just outdated and dark because of dark curtains) and sell. Is it any different, or are there any obstacles when trying to buy and sell a house in a strata complex? Would you stay away from strata complexes for buy-sell projects or it's just the same as a stand-alone house?
Thank you and a big thanks to the conference organizers and to all those people so willing and eager to help a rooky (yeps, how do you write that?
)Hi Budgy,
I was at Melbourne too, it was a great weekend wasn't it! To answer your question, you can do quick reno's in an apartment block if the numbers add up but there are a couple of things you need to be mindful of….
You need to check your strata bi-laws and make sure you renovate within them. For example, some units don't allow top floor apartments to have floor boards due to the noise. Also, you only own the space inside the unit so if you want to put downlights into ceiling space or even run new plumbing into 'common' space like the ceiliing void, you need full permission from the strata. Some things need a full vote, other smaller things only require an answer from the executive committee. As it is only a small block, their are less people to contend with which is always good. However if its only small and minor changes, you shouldn't have any trouble at all.I did my first 2 renos in units in sydney and thanks to them, am now onto my first house. Just make sure the numbers add up and remember to include strata fees as part of your holding costs. Hope this has helped a little. Good luck
As the 'unit' is more like an individual house, the only things that you cannot change will be extrernalities ie colour of building, roof, gardens etc unless the entire building and courtyards are part of your entitlement and the common areas are the areas servicing access, garbage areas and the like. A small body corporate will make life easier. Do you know whether they are owner occupiers or leased out with absentee landlords and who is on the executive committee?
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