Skip to main content

Considering buying a strata property

I am considering buying a strata townhome which is about 35 years old. It's a 51 units complex and has a CRF of about $275,000 i.e $5392 per unit I suppose. Is that a healthy CRF per unit given the age of the building?

Also, In the last month's strata minutes, I am reading:

​

Window Seals: A few owners have reported failed sealed units. There are no funds in the budget to replace windows as they show signs of failure. The Strata will have to consider a window replacement project in the future which would be a levy of the owners. Council would like to give notice to owners of the plan to vote on this project in the near future.

​

  1. Should I be concerned about " There are no funds in the budget to replace windows as they show signs of failure."
  2. Will this cost/levy be attributed to owners of the units with leaky windows or everyone? - I am guessing everyone?
  3. Is there a way for this cost to be passed on to the seller in advance so that we will not have to bear the related costs as it already says "near future".
  4. Based on the language, does it seem like it will be a one time cost or increase in strata fee? If one time cost, what should I expect it to be?
  5. The strata fee is also set to increase 12% this year and was increased 5% last year. Is that a bad sign?

I'd love to hear your opinions and learn if this should scare me away. BTW, The strata fee is about $370 at the moment.

submitted by /u/simmiiee
[link] [comments]

source https://www.reddit.com/r/RealEstate/comments/15e9bol/considering_buying_a_strata_property/
Labels:

Comments

Post a Comment

Popular posts from this blog

Aren't comps/CMAs useless with buyer credits at close happening now?

I'm looking into buying a new construction townhouse in my HCOL US city. I'm seeing builders offering interest rate buydowns worth $20k-$60k on $800k homes (rather than just lowering prices) in order to keep their comps high for their other units, now that buyer demand has been declining. I asked my agent about these, and he said these buydowns aren't even the full story: buyers can write all kinds of other credits into an offer, like their closing costs, prepaid sewer fees, etc. Apparently cash buyers can just write in a "buyer credit at close" for any amount in their offer. So a new townhouse that appeared to sell for $800k in the MLS might have actually been a cash offer with a $100k+ buyer credit at close, meaning the buyer only spent $700k or less in total, but to the rest of the world they can only see the $800k! So that made me realize I can't trust comps/CMAs for other new construction townhouses. The sales prices could be way lower than they appear...
1 comment
Read more

Making offers on houses not listed for sale.

I want to buy a home for retirement. I am looking at lots of options, mostly focusing on the locations that appeal to me. I see lots of Zillow estimates of homes that look like great deals to me. Are these estimates accurate, even though similar houses in the same area that are for sale are usually priced much higher? If so, is it realistic for me to try to make offers to owners that do not have their homes listed? Would a realtor even consider helping me do this? Or, do these values indicate that the houses listed for sale are overpriced, and I should just lowball until someone accepts? Are houses today tending to sell far below list prices, or ??? submitted by /u/chewybrian [link] [comments] source https://www.reddit.com/r/RealEstate/comments/1o4mcon/making_offers_on_houses_not_listed_for_sale/
Post a Comment
Read more

Co-signing as non-primary resident - effect on size of required downpayment & first time home buyer status?

Contemplating co-signing on a house with my mom and splitting the mortgage payment. I currently have a significantly higher income and much better credit than her. I'm looking at potential home costs and related downpayments but have difficulty using some of the online estimators. From my perspective, this would be somewhat of an investment purchase (I intend to stay in my current location in a different state and contribute to the mortgage), however, for my mom, this would be a primary residence. For purposes of the downpayment size and the type of mortgage arrangement, would it be an investment property or a primary residence? Many thanks for any help. submitted by /u/piercalicious [link] [comments] source https://www.reddit.com/r/RealEstate/comments/km4hvl/cosigning_as_nonprimary_resident_effect_on_size/
Post a Comment
Read more