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Thanks Jimmy. After the engineer’s report came back with the specifications of the replacement windows we put the job out for tender. We got vast differences in the quotes received ie $100 000 in difference between highest and lowest quotes. The units are in a NSW coastal town and there are limited numbers of companies capable of doing the job. Our current strata loan is with Lannocks. I guess the next step would be to approach them again and see what a loan for the whole job would cost.
In reality once this work is done there should be little else that will need to be done, so levies collected into the future could pay that loan off instead of continually chasing repairs caused by the leaks. The unit block will look fantastic and value should increase due to all the big maintenance already having been recently undertaken.
I think we need to seek further advice on what would be a healthy holding in admin and sinking funds too. Just to be sure that we remain viable. That information would also confirm what the quarterly levies should be set at.
Lots to think about!