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I wanted to ask about special levies. Living in an older set of over 160 units ,which is over 30 years of age. I believe that large special levies were not the only way that the OC has of raising the required funds for large expenditure items e.g. roof replacement. These large special levies are very difficult to afford especially by retired & single parent owners for example. What other ways can be employed to spread the load over a longer time ?
Many Thanks
Two
Hills
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@Two Hills said:
I wanted to ask about special levies. Living in an older set of over 160 units ,which is over 30 years of age. I believe that large special levies were not the only way that the OC has of raising the required funds for large expenditure items e.g. roof replacement. These large special levies are very difficult to afford especially by retired & single parent owners for example. What other ways can be employed to spread the load over a longer time ?There are indeed. Our long-term sponsors Lannocks provide a variety of loan packages for owners Corps in exactly your situation. In fact, Paul Morton, their main man, puts up a fairly compelling argument for NOT saving up your pennies in large sinking funds and instead using strata loans as and when you need them.
Go to our HOME page, scroll down and click on the Lannocks ad then give them a call. It’s a viable alternative and well worth exploring.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
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