If you are considering buying an apartment there are a number of things you should check before deciding to proceed. This recent article in “The Age” is worth a read:
Bill Fatouros, residential director of valuers LandMark White says you should:
“Always check the minutes of the owners’ corporation meetings to ensure there isn’t any special levy and to note if there is a substantial amount of work that needs to be done that may cause levies to be increased. Make sure there is enough money in the sinking fund to cover repairs.
“Without doubt, you should get a building and pest inspection. It is also prudent to check the mix of owners to investors. If there are a lot of investors, the condition of the building may be inferior. Owners have an interest in the building so it’s usually in better condition…..more