10k in Strata bank account

I was looking at a unit in Bathurst recently,a Agent trying to sell it to me was boasting of there been 10k in the Strata bank account like it was fantastic or something,this is in a block of 6 units.

im thinking this is not much?

my strata here in Sydney has nearly a million dollars.

is 10k sufficient do u think?
,Country area though

, i dont want to end up paying special levies if i buy

 

I would say it's bugger all. Won't go far.

 

Uh. Nope.

 

How many units in your complex? Can't say I've ever held a strata property with more than $5k per unit in the sinking fund. Even if it was any higher id be fighting to have the contributions reduced.

 

So when there is a small issue or work needed you will need to do a special levy?

 

I'm with twobob. I also would like to know how many units in the complex.

 

Meaningless without context -

Admin account or levy account? How many amenities or facilities in the group?

 

Jeez. He / she said 6 ... SIX units

 

And the one he lives in? He says there a mil in the one he lives in. How relevant is that if it has 500 units with pools and elevators and fountains, vs a six unit block with nothing but a bit of grass and a few lights?

 

That’s true. But I still think 10K for 6 units is not sufficient. Mind you if they just had a large amount of work done. That could be ok.

 

The blue text threw me off lol.

 

Very relevant. One will go through 10k worth of bills a week the other will go through 10k worth of bills a year.

 

There was nothing sordid about it at all????

As for sufficiency: As @D.T. notes, which account has the money? What expenses are there? (insurances, common area water/power/cleaning/gardening/mowing/bins/basic maintenance, strata management) What stage of the cycle (levies just paid or yet to be raised)?

 

Do a special levy for $2k per lot.

That should make you feel better.

 

Needs reference.

$10k in funds after $100k on capital upgrades just completed may be just fine vs $10k in the bank with $100k of capital works to do and the place falling down

$1m in your strata plan is nice, but I know a few with similar amounts and the complex is in a state of disrepair as the committee is run by tightwads who wont spend a cent.

 

Why would you even look at a unit in bathurst?

 

Great view of some racetrack which is used once a year.

 

twice..
12 hour is also there.

Cheers
Ken