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[Jimmy-T]

When your off-the-plan developer starts bending the rules and testing the law, pray the only people on your side aren’t strata newbies.

[See the full post at: Forgive my mortgage-free smile – it cost me $50k]

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[VicRes]

A warning for everybody. And if you lost money what hope does an inexperienced first time buyer have?

It is long overdue for the introduction of strict and strong legislation to protect buyers and having severe penalties for miscreants including restitution. Public naming and shaming would be good. As well as a one strike policy. I.e. break the law once and forever be forbidden from working in any field where you have access to other people’s money.

I’m sure you felt the loss of $50,000 Jimmy. For many people it would be enough to tip them into permanent financial stress.

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[Jimmy-T]

I felt a bit guilty casually mentioning that we had lost $50k but that was what it amounted to, although spread over the five years. If we hadn’t been able to absorb it, it would have been crippling. From our perspective, it’s three fabulous overseas holidays that we didn’t have in exchange for not having to deal with the frustration and anxiety of knowing you are being ripped off, and that it’s only going to get worse, while the solutions were there but rendered irrelevant by the timidity and naivete of the majority of our former neighbours.

Strata would be the perfect systenm were it not for the fact that it has people in it.

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