Asked by Andy
I am contemplating buying a unit at this rather aged and poorly maintained condo. However I realised that its sinking fund is miserably low and it still has ongoing lawsuits with the developer, main contractors and the sub-contractors. Question is:
1) What if a condominium or apartment does not have enough sinking fund to carry out essenial (or perhaps mandatory) maintenance on big ticket items such as painting of the building, maintenance of swimming pool and elevators? 2) I presume each proprietary owner will have to fork out from their own pocket. If that is the case, how can I know how much is this "hidden cost"?
1) What if a condominium or apartment does not have enough sinking fund to carry out essenial (or perhaps mandatory) maintenance on big ticket items such as painting of the building, maintenance of swimming pool and elevators? 2) I presume each proprietary owner will have to fork out from their own pocket. If that is the case, how can I know how much is this "hidden cost"?
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