#57789
Jimmy-T
Keymaster

    The previous two posters did not mention that a reassessment of the strata will be required… It’s all at the cost of the owner … it adds no value because you will pay the OC the increase in value.

    The calculation for payment to the owners corporation, as established by the High Court (I think) is:

    New value – (original value+cost of renovation, including legals).

    The cost of reassessing the unit entitlements may possibly be offset against the money paid to the owners corp.  And you certainly don’t have to pay the whole of the value of the improvement to the OC, just the net benefit.

    Also, the recalcualtion of the levies will only occur if an owner challenges this.  There are plenty of schemes where the levies are skewed out of shape to benefit some owners, but the cost (both financially and emotionally) of rectifying it means they are never challenged.

    Maintaining good relations with your neighbours and letting them see the benefits rather than just the drawbacks can work wonders.

    Leave it a couple of years and it will pay for itself.

     

    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.