Hi All
Moving forward on a possible IP in Muswellbrook. Strata report has come back with recommendation that strata finances require an audit. Can anyone shed some light on the need for an audit in NSW re strata ??
I did one on one of my IP's and the cost was about $1,500 from memory.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Thanks FinanceShop
I was not thinking of doing one solo. I was thinking the strata managment would attend to having one done and pay via the strata management funds. Is that not the way it should go
Yes – basically at the quarterly committee meetings they raise things that must be done such as fire safety inspectation, finance audits etc. The committee decides who they should go with or if they should get multiple quotes etc. Remember if you are doing something – always get multiple quotes. Generally speaking, strata managers have arrangements with existing tradespeople and professionals and as such charge like a wounded bull. Make sure you are present at the committee meetings.
TheFinanceShop | Elite Property Finance
http://www.elitepropertyfinance.com
Email Me | Phone MeResidential and Commercial Brokerage
Generally I would request an audit
a) if one had not been undertaken for five years
b) if there were alot of expenses in the year
c) if there was a new strata manager
d) suspicion of anomolies in the accounts.The strata manager should back this up as well.
You must be logged in to reply to this topic. If you don't have an account, you can register here.
