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We are a pre-1974 strata block OF 12 built in 1970. Several major projects are required to keep building maintained, however they are not urgent at this stage. We’re working our way through minor concrete cancer and getting original doors replaced, currently at owner’s expense. We still have original aluminium windows and balcony doors. Balustrades were compliant in the past but not for current legislation.
We would like some guidance on the following:
1. Changing our strata to post 1974
A strata lawyer has advised that a new by-law could be drawn up for $1000-$1200 if all owners agreed to convert to a post 1974 setup. This would allow us to manage the windows & balustrades as one project & use the $91,500 in our capital expenditure fund as it seems a waste not to use this over time for the upgrades. Does anyone have experience with making this transition?
2. Capital Expenditure Fund balance
If we do convert to post 1974 strata arrangement & we use the $91,500 in the fund for various projects, is there a legal requirement to have a minimum amount in the fund & if so what is it? Obviously levies will still be coming in so we would not be insolvent.
3. 10 year Plan for Improvements
What is best approach for strata units to have a 5-10 year plan in place? Is there a time frame for this plan to be completed? Who polices that it has been done? We’d like the 10 year plan to be a “living & flexible” document to be reviewed at the Annual General Meeting. How do other strata committees manage this?
4. Using a consultant
We are considering engaging an impartial consultant to help us with scoping future works and finding contractors for remaining upgrades. There are only 3 owner occupiers 9 investors. We don’t like the idea of another layer of expense but we are 3 female owners here. We suspect we’ve been ripped off in the past & feel vulnerable to this happening again. A male consultant who has experience with working with 70’s blocks may be the answer to guide us & in the end save money & drama. Do you have any experience with working with consultants and could you recommend reliable ones?
All information gratefully accepted.
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