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This is an NSW question.
I live in apartment block of 12 units. Investors own 5 units and the remaining units are owner occupied. In October 2015 each owner was encumbered with one installment of 50k/unit for remedial work.
As a result of poor scoping, the Engineer/builder recently added 8 variation and 4 new works amounting to 88k. Majority of committee members are pushing for another special levy to be paid in one installment before Dec 30th. Also we have very low Administrative fund (261k) and sinking Fund (36k).
Yesterday at the executive committee meeting I proposed prioritising these variation works, setting timeline for undertaking these work, obtain competitive quotes and introducing progressive payments for proposed variations.
I also suggested employing an experienced consultant and identifying major remedial work that should be undertaken in the apartment block, bundling the newly identified work and variation work as separate project. Also recommended sourcing competitive quotes and either increasing the sinking funds by progressive payments or applying for Strata loan.
The investors dismissed the idea of taking strata loan since they could make a down payment now, rather than paying 9-12% interest.
Unfortunately, I have a limited income and cannot pay another special levy before Dec 30th. I refinanced my apartment to pay 50k last year.
Under such circumstances is it an option for me to postpone getting any repairs done to my apartment and not contributing to the special levy in one installment before end of this year instead making a progressive payments for work to be done later?
Since other owners can afford to pay the special levy they can progress with repair works to their apartments now.