Well people, it has been an interesting two weeks for me as I have been scouting around for potential properties to buy and researching for clients. It seems that so many people are selling their places as they cannot cope with the special assessments for their buildings ranging anywhere from the high 30,000's to over 100,000 dollars. OUCH!
What amazes me about all this is that so many people moved into condo's where they never formed a proactive strata council with long term vision and goals for their investments. And now it is all coming back to bite them on the proverbial "rear end". Not surprising when you bury your head in the sand and try to get away with very low strata fees for years. It also doesn't help when you are self managed very badly or employ a building management company on the grounds that they gave the "cheapest quote"
Maybe people will finally realise that no matter where you live, you should always be thinking ahead for the long term about saving up for work that will inevitably have to be done at some point down the line. It will go a long way to preventing a huge financial shock to the system, maintain your home to a very high standard and most of all, protect your investment.
It is time for people to be more proactive about their strata properties and have a vested interest in their homes. Don't just sit back and wait for things to get so bad that the assessment means having to sell up and move. Attend your strata meetings, review council minutes, challenge issues with intelligent and visionary alternatives, be prepared to pay more in fees for future projects and maintenance. And if you have something valuable to add to the council in skills and expertise, get involved. Be a part of your investment future. This your home, this is your collective responsibility!
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