› Flat Chat Strata Forum › Living in strata › Dangers of buying in the worst block on the best street › Current Page
Turning around an owners corporation to face head on the responsibilities of maintenance is never going to a fast, or smooth. Definitely not for the faint-hearted or for anyone buying for less than a 10 year commitment.
I wish I had been more aware of the signifiers of a building in trouble. Prospective buyers should look carefully for signs of adherence to the fundamental obligation of the NSW Strata Management Act to protect the value of every unit in the block through regular maintenance of common property.
Ideally, the OC should have an engaged Strata Manager on whom they rely heavily for guidance. If the Strata Manager is disengaged, changed often (a tenure of less than 5 years), or the contract with the Strata Manager is for only the most basic services, be concerned.
Signs that the building is in trouble include clues that individual owners take it upon themselves to dictate their preferred behaviours, so lots of passive-aggressive handwritten notices around the place with admonishments are a telling clue.
Generally, the by-laws should provide clear guidance, and if further clarity is needed, a re-draft of the by-laws should be sufficient.
If you are prepared to put in the hard yards of nudging the OC towards closer adherence to the SMA, it can be done but it is not for the faint hearted and it will take 3-5 years to see a change of direction, and 5-8 years to remedy the maintenance deficit.