Episode 27: Kate Yeowart - The Quirks and Complications in Buying a High-Rise Apartment

Kate Yeowart from Strata Equity Management is on again today to talk to us about High-Rise Apartments. In recent years, high rise apartments have been a contentious issue, with some going up in flames, others having issues with cracking, some having concerns with the locals regarding over development and then there is the issue with upsetting local business during construction. But the reality is, our city is growing in numbers, our suburbs are slowly spreading out and our lifestyles want to be low maintenance.  

Today we talk about the quirks and complications of buying a high rise apartment. A respected leader in the strata management industry, Kate Yeowart is the managing director of Strata Equity Management. Kate has worked in all facets of real estate, as well as a law clerk and credit manager. She holds a degree in political science which she puts to use in her business and is a regular on Real Estate Right. Welcome Kate. 

Kate, this topic is a bit of a passion for you. As you've seen a lot of 'Behind the Scenes' issues that are happening with both new and old apartment blocks, as well as the rise of creating lifestyle developments which are more like hotels than residential homes.

1.You can buy a Melbourne inner city apartment for as low as $350,000 which is awesome for first home buyers and investors, however when buying a high rise apartment, what are the things we should be considering before we make a purchase? Owner's corporation fees, on-site recreational facilities, on-site caretakers, gardening, lifts, construction quality of the entire block, sound between apartments and from the common areas.

2.So with all that in consideration, what would be the most apartments you have seen in a high rise development?

3.Could you expect that if you divide the owner's corporation fees by the number of apartments, that's what you should be paying, or do bigger apartments pay more?

4.Should we be wary of lower owner's corporation fees assuming that there isn't consideration for long-term maintenance?

5.Getting onto the touchy subject of the flammable cladding that got some major publicity a few years ago, how do we know if the building we have bought into, or currently own, has been built with the flammable cladding?

6.What are the best materials a high rise apartment should be built from?

7.If we wanted to remove combustable cladding, how can we go about doing it? Will the building insurance cover the removal and replacement of the cladding? How can the owner's corporation manager help you with the process of removing the cladding?

8.Is this why its important to join your owner's corporation committee, so that you can have your say into what gets done, especially when there are a lot of owners involved? What do we get out of being in the committee? Thanks so much Kate, for another informative episode on understanding the processes when it comes to owner's corporations and buying a high rise apartment.

Kate Yeowart can be contacted at strataequitymanagement.com.au