Our Body Corporate is looking at a proposal to replace all the window fittings to our apartment block. The building is forty years old and most of the windows are the originals and no longer suitable for our environmental conditions. A significant proportion of the windows are subject of regular and ongoing maintenance and repair.
The proposal involves hundreds of thousands of dollars of expenditure and the Committee has put several options to owners as an initial survey for consideration and discussion.
I would have thought a proposal that involves major expenditure would generate keen discussion and that most owners would want a say. Just one third of all owners have responded to the survey. Two thirds of owners have not provided any response or input at all.
It is amazing to me how many people apparently have no interest in what happens to their home.
We are trying to get the Owners Corporation rules for residents changed. Only 25% have voted, in spite of personal letters etc.
ReplyDeleteMost units are owned by investors, who give a proxy to the company managing the body corporate - ie, they don't give a stuff about whats going on, so long as it doesn't cost them anything and the returns are good. When the majority of a building is like this.....
ReplyDeleteMichael.
Im getting quite frustrated with my owner's corp. I don't think I'm getting much value for my money. Ah...the joys of apartment living.
ReplyDeleteI think many owners are happy to let others make all the decisions then later they can blame them for any faults and take no responsibility. Says a lot about our 21st Century society.
ReplyDeleteMichael brings up a good point about what happens to residential neighborhoods are owned by investors...eventtually the neighborhood goes down the tubes when it becomes too transient and run down.
ReplyDeleteI am surprised that a good portion of the homeowners association fees don't go toward infrastructure maintenance/replacement. Although there are many examples where the windows are actually the responsibility of the condo owner and have to abide by a certain standard for replacement.
Steven - Body Corporates in Australia are required by law to maintain Administrative and Sinking Funds which go towards routine as well as occasional maintenance/upgrade expenditure and covers most expenditure situations.
ReplyDeleteIn the case of our windows proposal the expenditure is exceptionally large and goes beyond the funds and therefore requires special fund raising arrangements.