Hi everyone,
I'm about to attend an auction for a unit, I have checked it out and like what I see. I have details like strata levy, council rates, water rates and I also have the contract. What else should I investigate that may potentially make it a bad buy?
Thanks
PropertySeekerFlick the contract to your solicitor/conveyancer to review (they usually don't charge to review the contract, provided that you go ahead with a purchase within a reasonable time).
If necessary do all of your building/pest reports & have solicitor review the strata minutes to ensure that there is no disharmony/adverse conditions existing within the complex, also ensures that you are aware of any special levies that may be forthcoming, the strata scheme is financial & its records have been audited (esp where there have been high expenses).Apart from what SNM mentioned, I would definitely be checking out past sales within that block and for units nearby. For the case of a few dollars, you can find out exactly what sort of levels you should be paying. Paying too much could be far worse than any other hiccup..
Cheers
Danny
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