› Flat Chat Strata Forum › Levies and Unit Entitlements › Levies raised almost 400 per cent › Current Page
By the STRATA, do you mean the strata managers? If so, they do what the owners tell them, rather than the other way round, and you could call a general meeting and ask them to revise the projects and related budgets.
Otherwise, knockdown rebuilds can be a terrific solution for ageing strata properties and the procedure is fairly simple but with a few safeguards in there.
This would depend very much on your location but if there are other developments going on nearby, there’s a chance there may be value in the land.
Firstly, you might informally approach a developer in Wollongong and ask if they are interested. If the finances stack up (you’d want at least 30-50 percent on top of the sales value of your property), then you hold a meeting to get a simple majority of the other owners’ permission to investigate the options in detail. This is when you would canvass any interested developers to see who offers the best deal.
Then you report back to the other owners with a plan, including an offer. Then they have three months to decide and if more than 75 percent of owners agree – both in unit entitlements and in a simple head count – you can proceed with selling the property with the proceeds going to the owners, relative to their unit entitlements.
If you’re interested, you can read more about it here