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I somehow missed the replies. Yes, I now understand that people might scream and shout, but in the end it is being done. I expect they will probably be able to delay a year or two, but it will happen.
We now have a new Strata manager, from a very well regarded firm. Beforehand we had a bit of messing around with the previous strata manager. One of the things I’m going to do is to look through all the work and create a nice table of what everything is costing and the priority and hopefully we can get it down closer to 150,000 and we may look at other builders.
The reason for the high costs is we have balcony problems and they are costing a lot, and that seems to be how everything is at the moment. The regulations in NSW are now extremely strict. Like once we start playing with the balconies, we have to replace the balustrades because they are not legal. The quotes also include replacing the doors, because everything has to fit together, and there is a cost of $14,000per unit for a balcony with a full width balcony, and another small balcony. And it goes on.
We are looking at a loan, but I’m not certain how many owners can afford an extra key of $15-20k per year. Like if the only owners who can afford it, can also afford to pay the levy in full, it makes it a lot cheaper just to ask for one special levy. I would pay it out of my super and then once I’m of pension age, which will be soon, use the governments system for borrowing against property assets.
I think this is all going to be unpleasant, with a reasonable number of owners going bankrupt or at least selling at a loss.