› Flat Chat Strata Forum › Living in strata › Strata Loans – would buyers be put off? › Current Page
So if the OC has been keeping minutes as required, then any prospective buyer will see that major repairs are required and mark down the value of all units. Even if a partial fix is made, the prospect of major upcoming repairs that need to be funded will still devalue lots.
It is an obligation of the OC to repair and maintain common property.
If there are grounds to repair and some owners are holding out, any other owner can go to the tribunal and get an order.
As an aside, the argument thst either the OC or an owner does not have the money is not reason for the tribunal to make the order.
Its then a matter to figure out how to pay and when it’s to be done.
Some owners don’t get the major difference between strata and owning a freestanding home, is thst an individual can make all their own decisions and assume all risks in regards to repair and maintenance, whereas in strata you are part of a collective, where one’s interests are subsumed to those of other owners.