Hi all,
In a few weeks there is an auction strata title ground floor apartment I'm very interesting in bidding for as my first investment in Sydney's inner West.
I was going to arrange a building & pest inspection prior, mainly because i've noticed 2 minor cracks on the internal walls.
When I rang the agent to see if they are available to let the inspector in they asked why I'm bothering with an inspection as all structural problems are the responsibility of the body corporate. Also, in his 10 years of selling property he's only ever had 1 other person do a building inspection on a unit and it sounds like a complete waste of money.
I'm suspicious he's trying to hide a problem, so want to know other's opinions. Although the bit about the body corporate responsibility sounds right. What do others do when purchasing units?
Thanks,
mattResponsibility of body corporate = your responsibility.
As an owner of s atrata titled property you should be involved in the body corporate wither as an elector, a position on the committee. If the problems are more serious additional levies may be required to which you will also contribute.
Builders warranty may not apply if teh property is more than four storeys or if there is a underground carpark in the complex.
Having said that minor cracks often occur through settling so the problem may not be 'serious'
The decision to inspect or not is your call – and not teh agents.
Thanks for the reply Derek…
It's a pretty old building, only 2 storeys high with no underground parking.So I guess my solicitor should dig out the strata report and any minutes to look for any known serious problems that may indicate pending work on the building.
I realise the decision is mine, but I really wanted to know what the general consensus was out there from those that purchase units?
Old building & minor cracks probably not a lot to worry about.
Just my opinion.
The minutes will give the solicitor any heads up on issues with the building, then ask the solicitor if an inspection is warranted.
Your solicitor will not dig out the strata report.
You need to instruct your solicitor (or do it yourself) to get a strata report. They don't just give you one. There are companies that go in, check the minutes etc and write a report with recommendations, concerns etc.
Or you can get permission from the owners and do your own search (about $30).
I don't get building or pest done on units. Any problems (if they have arisen) will be in the strata report.Definitely get the strata report though.
Thanks Catalyst! Have already ordered the strata report via the solictor route.
Cheers.
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