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I’d be interested to hear what you arrive at Mary67 as we’re suffering the same thing in our apartment, except in our case it is particularly unpleasant smelling cigarette smoke.
The smell comes into all rooms of our unit. In fact, as I type now, I can smell it in our dining room, despite the Strata Manager sending an email to the resident yesterday (I’ll raise that issue in a more relevant topic) and I feel nauseous.
It’s totally unreasonable that residents should have to suffer this, it utterly affects our comfort and concentration on whatever it is we’re doing at the time.
Thanks Jimmy, that is very helpful. I don’t have a feel for how many people in the building are for or against the idea of a strata loan right now.
One thing that has been suggested is that people who can’t afford the special levy in one hit without borrowing could organise their own loans/reverse mortgage, so not everyone needs to pay interest.
When you say:
I personally think strata loans are a more equitable form of raising finance and they are probably less likely to scare the horses.
do you mean fairer than, say, a special levy?
Could you explain why you that is?
While it does spread payments out over a longer period of time, it does mean people end up paying more. in the case of our building it would be close to an extra million in interest. Unsurprisingly there’s quite a few people who would prefer to avoid that.
I suppose it’s like buying a house – few of us can pay for a house up front but can afford regular payments over a couple of decades. Maybe I’ve just answered my own question?
Thanks Jimmy.
Just so I’m quite clear on this, does this paragraph below describe what some people might think if a loan is taken out?
However, if they are informed that major works are proposed and there will be X amount added to their levies for the next however long, that is not going to be a case of simple subtraction. Whether or not that puts them off buying is another matter entirely
Our large strata scheme is facing building works of over $10 million and is currently debating how to fund them. There is discussion of a strata loan. “Just get on with it” said (on 20/9/2013):
The other issue is the heightened confusion and uncertainty added to prospective purchasers when they see strata loans disclosed as opposed to special levy payments.
Could someone explain why a strata loan causes more concern to a prospective purchaser than a large special levy?
I would say that, yes, buying and selling in NSW is broken.
We are currently in the process of purchasing a strata unit. My partner feels we have enough information, I have my doubts.
Old newspaper reports suggest this building has considerable building works required, possibly in the order of several million or more dollars.
We commissioned a Strata Report and it came back with a disclaimer that the records were poorly kept and therefore it could not be guaranteed that all records were provided.
I was advised that there are no Australian Standards setting out what should be in Strata Report.
When I requested a copy of a report recently prepared that EC minutes suggested would set out a comprehensive program of building works, the Owners Corporation declined to provide it and I was advised that they are not required to provide it.
How are people to make informed decisions about the most expensive purchase of their life? Even purchasing a Strata Report really doesn’t give you full information – at the end of the day, it seems like information can be kept from prospective purchasers.
How are we supposed to caveat emptor (buyer beware) and make informed decisions about the full financial implications of purchasing a property in the absence of full disclosure of all relevant information?