How to avoid buying a dud apartment
1 min read
Image courtesy of dailytelegraph.com.au
If you purchase a used car that you receive a service history.
If you get a refrigerator or flat-screen TV, you get a guarantee.
In the past eight months, at least three apartment buildings in Sydney have been evacuated due to flaws, prompting questions about the consumer protections offered for buyers of high tech units.
In December, the Opal Tower in Olympic Park was evacuated after cracks appeared in certain walls, while last month, residents were ordered from Mascot Towers for the same reason.
In accordance with Owners Corporation Network (OCN) executive officer Karen Stiles, a lack of law has produced a dog-eat-dog scenario.
For potential buyers, industry experts suggest the following guidelines:
Search for a sinking-fund forecast from the strata report, and any planned or completed remedial works
For existing apartment complexes, run a body corporate documents search
The research should outline recent annual meetings and information about the sinking fund and any planned and completed capital works projects
Locate the contractors’ previous jobs and go and inspect them in person
Do not purchase an apartment in a complex over three-floors high
Have an independent building inspection completed
Buy an apartment which is over ten years old. Usually, flaws have emerged and have been fixed within those first ten years.
