I am new to this forum, so apologies for newby questions or if there is already a thread (i have looked).
Thinking about buying an apartment in auckland. One building i'm interested in has been diagnosed with leaky problems (not fully leaky but there will be quite a big cost of repair). I'm wondering how the body corporate will go about raising the extra (I assume) funds needed to pay for the repairs. Is this something i can find out in the body corporate rules perhaps? If so, are these publically available and where can they usually be found? Do body corporates have financial statements?
The reason being is that there is a big difference to being hit with a one off $20k levy or 20 annual $1k levies. I do know I should be staying away from leaky buildings but am interested all the same.
Thanks in advance for your help.
Thinking about buying an apartment in auckland. One building i'm interested in has been diagnosed with leaky problems (not fully leaky but there will be quite a big cost of repair). I'm wondering how the body corporate will go about raising the extra (I assume) funds needed to pay for the repairs. Is this something i can find out in the body corporate rules perhaps? If so, are these publically available and where can they usually be found? Do body corporates have financial statements?
The reason being is that there is a big difference to being hit with a one off $20k levy or 20 annual $1k levies. I do know I should be staying away from leaky buildings but am interested all the same.
Thanks in advance for your help.
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