- This topic has 3 replies, 3 voices, and was last updated 7 months, 2 weeks ago by .
-
Topic
-
Buyers’ agents say older blocks in quieter streets are a much better bet than brand new flats in increasingly crowded areas of our cities.
[See the full post at: Buyers: Out with new units and in with the old]
If you want to be alerted when anyone replies to your posts or responds to this topic, please register and login, then you will be able to subscribe to the topic. The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers. NB: Longer threads may spill over to additional pages - look for the numbers on the bottom right, under the last post.
-
Replies
-
One reason that demand is lower for relatively newer units, is that sometime after 2000 we lost the technology to waterproof units. You then get a mess as various factions in the owners form who feel that they have a solution. Sorry, but the only solution is to spend 1 to 2 hundred thousand, and if you can’t afford it then let the bank deal with your negative equity.
Whilst older flats can represent better value than new units, one significant drawback is that they may not be governed by the strata laws set out in the Owners Corporations Act 2006 (Vic).
Msnyolder buildings operate under company title, governed by the Corporations Act 2001 (Cth) together with their Memorandum and Articles of Association and a registered Service Agreement.
A company-title structure — where as few as two directors can make binding decisions — introduces an entirely new level of frustration.