NSW: Q&A – Is this Building Under-Insured or has Someone Made a Mistake?
Q: We got a strata report for a block of 12 units in inner west, Sydney. According to the latest report, the building was valued in 2010 for $2.6M, BUT it is only insured for $1.8M. Also, is it an issue that it hasn’t been valued for 6 years, especially considering the latest Sydney property boom? We really loved the place, but this has made us question whether it’s worth buying into. Any help would be MUCH appreciated! Read the Q&A………..
If you run a business from a strata lot, you need to obey the strata scheme by-laws and seek consent
Radical changes proposed to strata schemes in NSW have been delayed by at least six months after stakeholders demanded the