Quote (Secksii @ Oct 22 2023 09:16pm)
You should get a seperate house insurance, that's what I did for my unit when these short minded ppl voted no lol. These painters or window cleaners fucked up and clogged the roof drain so it resulted in several units being damaged. So there was a huge fight going on with like half saying use the emergency funds and other half saying nope, we agreed that if water leak dmgs happened it won't be covered by strata funds cuz majority voted no.
Love it when they want it both ways and then get mad when they realize they dun fucked up.
Another fucked up thing is when some units don't attend or wanna be involved in the strata matters and give their vote to a specific strata member to decide for em.
I do have house insurance but doing everything I can to not use it so I can avoid premium increases and paying a deductible especially when strata is supposed to be responsible for "common areas" and the exterior of the building.
Being this short sighted is mind boggling to me. None of this should have ever happened. How can your strata vote to not have strata cover water damage when it occurs within common strata area lol....
Quote (Hizkuntza @ Oct 22 2023 09:36pm)
fun story - my brother used to have a condo in Surrey that had regular break ins. in one such instance the skid literally destroyed his balcony's bars. the strata fined him for makeshift repairs because apparently it was an illegal repair to common property, yet they also refused to actually spend anything to fix the balcony. don't think he ever paid the fine.
btw, it's also a leaky condo that had a cheapo envelope repair that urgently needs to be improved but again, strata doesn't want to spend the money because they "remediated" it even though the repair is blatantly inadequate.
he sold it after the balcony row, he sold it for almost 200K more than what he paid for 9 years prior. at this point I'm pretty sure strata is just running the building into the ground so that they can eventually sell to developers (cuz it's close to the new Guildford mall/towers).
That sounds just awful.... Good thing he is out of there with a profit. I would not be surprised if that is the plan. Every unitholder is entitled to a set percentage value upon destruction/disposal of the property. It's based on square footage and how many units are in the building.
In Pocco there has been some units in old buildings for sale bragging about a "Strata wind down" being in the works figuring the potential payout after being sold to a developer will be far higher than the purchase price. Weird world we live in. I am not trying to make a crazy profit on this place.
Bought it because I wanted a stable place to live. Now it's just causing me grief lol. Sadly with mortgage rates and the cost of living being so high I think a lot of apartment buildings are going to face a state of disrepair.
The costs have gotten too high for people to keep up with the maintenance but they can't afford to sell and go elsewhere either, so putting off maintenance and taking shortcuts becomes a popular way of thinking.
I would not be surprised if the special levy that comes from these costly repairs will force some people to sell even if they really don't want to.
This post was edited by Killingyouall on Oct 22 2023 11:08pm