Over almost 20 years in real estate, something that always surprises me is how little attention strata owners pay to the minutes, AGM's, & many things that will affect them. What will get everyone's attention is a proposal for a Special Levy that has a specific $$ amount attached to it-as it should.
Insurance coverage is important & especially deductibles on insurance. It often gets missed by owners as it doesn't have that specific $$ amount attached to it until it's time for a claim.
Deductibles have been going up as Stratas look for ways to minimize operating costs but that will have a real financial impact on Strata owners when there is damage.
With every Strata purchase I advise Buyers a to take their policy to their insurance broker to ensure that they are not only covered for contents of their home but also for current deductibles & any improvments to the original construction. That's Step 1! Step 2 is to do this on an annual basis.
Pay attention & protect your investment & your wallet!
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