All Topics / Help Needed! / Building and Pest reports

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  • Profile photo of johnycitizenjohnycitizen
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    @johnycitizen
    Join Date: 2010
    Post Count: 8
    November 15, 2011 - 1:16 am

    Hi all.
    Just a quick question reguarding building and pest reports. If i go out and get these reports done then i'm unsuccessful at the auction, can i claim any of this money or is it a case of bad luck. thanks.

    Also, the property i'm interested in is in a block of 6 units in NSW. Do i need a building and pest report as well as a strata report. What information will i get out of these. Thanks

    Profile photo of Mick CMick C
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    @shape
    Join Date: 2010
    Post Count: 1,099
    November 15, 2011 - 5:34 am

    1. Not 100% sure abt the pest control part; as your not yet the owner at that time- but im sure an accountant can confirm.

    2. You buying the whole block? or just one unit + is it strata title or one title?

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
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    Same Banks. Better Rates. Served With a Passion.

    Profile photo of johnycitizenjohnycitizen
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    @johnycitizen
    Join Date: 2010
    Post Count: 8
    November 15, 2011 - 6:41 am

    Thanks Michael
    Its just 1 unit in a block of 6 thats in need of a solid renovation. The real estate agent has given me the contact details for the strata managemnet.

    Profile photo of Mick CMick C
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    @shape
    Join Date: 2010
    Post Count: 1,099
    November 15, 2011 - 6:48 am

    I always encourage all my clients to get the strata, building and pest ( especially the strata report)- you be spending ~$250 per report only…imagine buying a place where the sinking and strata fund is in the red ….god help you.

    Regards
    Michael

    Mick C | Shape Home Loans
    http://www.shapehomeloans.com.au/
    Email Me | Phone Me

    Same Banks. Better Rates. Served With a Passion.

    Profile photo of CatalystCatalyst
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    @catalyst
    Join Date: 2008
    Post Count: 1,404
    November 15, 2011 - 6:59 am

    If you get permission from the owner and you know what you're looking for, you can go to the strata company and look yourself (usually $30). I would always check it though. As Shape said you could be in for a surprise.
    I did however buy one with MINUS $30 in the sinking fund. The thing that I'm looking for is special levies coming up. It would be a shock to buy something and then get a $5,000 bill the next week. Could happen.

    I don't bother with pest and building on units. Personal preference. There is always the chance that there are things that no-one has noticed of course and they then won't be in the strata report of course.

    I have RP data if you want info on previous sales data etc. PM me.

    Profile photo of Andrew_AAndrew_A
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    @andrew_a
    Join Date: 2003
    Post Count: 392
    November 15, 2011 - 8:44 am

    The strata report is always a good idea, value for money it's hard to beat in uncovering issues with units.

    Profile photo of Jamie MooreJamie Moore
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    @jamie-m
    Join Date: 2010
    Post Count: 5,069
    November 15, 2011 - 9:14 am

    Totally agree on the strata report. Spend some time going through the minutes, repairs invoices, correspondence, etc. The last time I looked through strata docs for a NSW purchase it only cost $40 and I spent an hour in their office going over everything in detail…..problem is I should have spent only 30 minutes because during that time an offer was received and accepted on the property :(

    Cheers

    Jamie

    Jamie Moore | Pass Go Home Loans Pty Ltd
    http://www.passgo.com.au
    Email Me | Phone Me

    Mortgage Broker assisting clients Australia wide Email: [email protected]

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