Hi Guys, once again I am stumped on something and turn to all my 'mentors' on propertyinvesting.com! One of my investment properties is at the rear of a battleaxe block, with appox 2mt sq of 'shared driveway'. I have been contacted by the owner in the front property who has told me that we need to set up a strata for this section of driveway. I was thinking i could have just taken out a common property insurance policy on the shared section of driveway and split the costs, as this is what i have done with another property that we have with a similar set up around the corner from this one. The front owner is insisting that we need the strata. Could someone please share their thoughts on this, am I completely off chart here? Thanking you all in advance. Michelle
Hi Michelle
Hope you are keeping well.
Have to say you are correct and there is no requirement to set up a Strata for the common area.
Can’t remember the full details of the property but you will probably find that the land has access easements on it which is common.
Just ring a good General Insurance Broker and get a quote or two.
Cheers
Yours in Finance
Richard Taylor | Australia's leading private lender
Hi Richard,
A very late ‘thank you’ to your answer on this! Been a bit slack on the forum and had my head in work too much – I’ve been doing too much wine business & not enough property business of late!
I’m glad I stuck with my guns and took out the common insurance – which nice dentally is nearly as much as the insurance of the building :)
Thanks!
Michelle
You must be logged in to reply to this topic. If you don't have an account, you can register here.
