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I am at a loss who to ask / get advice for the following problem.
I talked my son into buying a investment unit last year as he had a small amount of disposable income at the end of each week and I wanted him to get into the property market early to get a good start in life.
So after rent he has to put in approx $80.00 a week plus exp for his rental property. There are 6 units on the block.
I have just found out 4 of the 6 units are going to purchased by a property consulting group who are going to renovate and sell 4 of the 6 units. I have been made aware they have intentions of spending approximately 75,000.00 on the units within the next 12 months. I have been told this will go ahead as they will have more than 75 % of votes in the affirmative to go ahead with the work. This work is not for repairs. It will be to render the brick work, put up new fences and re establish new gardens purely for resale value. My son has been told he will have to pay his share been 12,500.00.
I have no idea where he would get that kind of money from as the banks would not lend it to him as he has borrowed to full capacity. I am all for repairs and maintaining the property…and yes i would like to see some work done to improve the value but surely any one can see not every one can come up with over 12 thousand dollars immediately.
Have they a right to force this upon him and has my son any options / recourse at all?
Thanks for any advice / help.
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