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[Anonymous]

A couple of members of our body corporate are having difficulty agreeing on the need to spend money on extensive work now required to the exterior and common areas of our block of flats. We need to make a more convincing argument to move ahead with the work.

The block has not been well-maintained over the years and is falling into potentially very serious disrepair. For example, if some of our exterior woodwork isn't painted within 6 months it will start to rot and will require full replacement, and our carpets are ripped in places and as such, are a real safety hazard. Paint is peeling everywhere. Basically, while the individual flats are terrific and the block is well located (within 4 kms of Melbourne CBD), the exterior looks like a real dump and is set to worsen if we don't undertake substantial work now!!

Over the past 15 years or so various attempts have been made to raise levies to cover exterior painting and replacement of interior common area carpets. While we now have enough funds to cover the cost of carpet replacement, we have never been able to raise enough funds through increased levies to cover more substantial work. The painting work and carpets have been on the 'to-do-list' for years! As a result our BC Manager is looking into a strata finance option for us.

Most BC committee members realise the increased investment value associated with upgrading (and at least maintaining) the building and are happy to go down the strata finance path. However, a couple are extremely hesitant and inclined not to consider the 'bigger picture' beyond their own flats.

Does anyone have:

• advice on how to approach this scenario?
• some research/data/figures to support the idea that the presentation of your building has a positive impact on the sale value of your flat?
• any experiences of using strata finance to share?

Thank you!! 

 

 

 

 

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