Buying self-managed villas/ townhouses

Discussion in 'Property Management' started by ardle, 20th Feb, 2018.

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  1. ardle

    ardle Member

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    Is there anything to be concerned about buying self-managed villas/ townhouses? Self-managed as in one of the owners managing the block instead of appointing a strata management. I think one of the pros could be a less strata fee (just my guess). Is there anything else to be aware of?
     
  2. chrish

    chrish Well-Known Member

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    Cons? Vested interests, corruption... is the managing owner being recompensed? Are they also the chair, secretary and treasurer? It's actually a lot of work.
     
  3. hammer

    hammer Well-Known Member

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    How big is the block? Self managed can work great when there's only 3 or 4 units. I live in one and it's painless.

    Wouldn't do it if I was in a bigger block though...too much leighway for corruption and issues...
     
    Tom Rivera likes this.
  4. Marg4000

    Marg4000 Well-Known Member

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    Did the manager buy the management rights along with his/her unit? If so, then they will be paid a set management fee as part of the rights, and you will be contributing to their wage through the BC fees.
    Marg
     
  5. Ted Varrick

    Ted Varrick Well-Known Member

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    Is that owner a licensed strata manager? If so, it sounds like a great deal.

    If not, then not so much...
     
  6. JDM

    JDM Well-Known Member

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    Self managing as in they are making the budgets, calling and holding the meeting and striking the levies?!
     
  7. ardle

    ardle Member

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    Not sure yet. Is the block considered big if it has less than 10 units, let's say around 7 or 8?

    Does that mean if the manager is licensed strata manager or not? How do I find this out? Would this be included in the strata report for the unit?
     
  8. Ted Varrick

    Ted Varrick Well-Known Member

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    Your solicitor will do a strata search for you. Ask him or her where the strata manager resides for the search.

    If it's XYZ Strata Management, then you might be less concerned.

    If it's Bill's place at number 6, and involves a photocopier and rummaging through some old filing cabinets, well, you know....