Hello all you property gurus.
Hopefully, there is a brighter investor than me out there that help me in my situation.
I currently have a unit in Yarraville (VIC) that is part of a complex that has been subjected to inaction by Body Corporate management due to insufficient funds as a result of outstanding fees not being paid.
My problem is that my tenant has taken us to VCAT because he is insisting on a reduction in rent and compensation because the pool/spa area is out of service and has been for several months. The hopper bin is/was also overflowing to the point that the bin was almost buried and a garden fountain in the front has not been cleaned to a point where the water is stagnant.
All these problems are out of my control and the Body Corporate Manager has been contacted by me to voice my disapproval of his actions or inaction as the point is. He constantly quotes the lack of funds as the primary reason for this problem. The major unit holder is also the the developer of the site and he holds 14 of the 25 units in the complex and has not paid his Body Corp fees.
As of January, the services of a new Body Corporate Manager has been enlisted because the primary unit holder sacked the original manager. The new manager has been contacted and he says that immediate action (without complex funding) has been taken to clean up the unsanitary conditions of the complex and recoup the funds from the outstanding fees. However, the pool/spa needs to be closed until such time as an automated chlorine filter can be installed IAW Standards Australia. In my opinion, this filter should have been installed during construction of the pool/spa because it is law for such devices under the public pools act. Although the Body Corp wants to incur a new levy to raise $4,000 from every owner to have this problem fixed, I feel that the developer should be sent the bill.
My question is what can I do to recoup lost income if the VCAT decides to reduce my rental income in favour of the tenant due to the flow on result of other owners failing to fund the Body Corporate responsibilities? Should we give in and just pay our share of the pool/spa levy and get things back to normal as opposed to fighting the developer to fix up his building? The building has been finished for around 2 years now (I think).
Cheers
Hopefully, there is a brighter investor than me out there that help me in my situation.
I currently have a unit in Yarraville (VIC) that is part of a complex that has been subjected to inaction by Body Corporate management due to insufficient funds as a result of outstanding fees not being paid.
My problem is that my tenant has taken us to VCAT because he is insisting on a reduction in rent and compensation because the pool/spa area is out of service and has been for several months. The hopper bin is/was also overflowing to the point that the bin was almost buried and a garden fountain in the front has not been cleaned to a point where the water is stagnant.
All these problems are out of my control and the Body Corporate Manager has been contacted by me to voice my disapproval of his actions or inaction as the point is. He constantly quotes the lack of funds as the primary reason for this problem. The major unit holder is also the the developer of the site and he holds 14 of the 25 units in the complex and has not paid his Body Corp fees.
As of January, the services of a new Body Corporate Manager has been enlisted because the primary unit holder sacked the original manager. The new manager has been contacted and he says that immediate action (without complex funding) has been taken to clean up the unsanitary conditions of the complex and recoup the funds from the outstanding fees. However, the pool/spa needs to be closed until such time as an automated chlorine filter can be installed IAW Standards Australia. In my opinion, this filter should have been installed during construction of the pool/spa because it is law for such devices under the public pools act. Although the Body Corp wants to incur a new levy to raise $4,000 from every owner to have this problem fixed, I feel that the developer should be sent the bill.
My question is what can I do to recoup lost income if the VCAT decides to reduce my rental income in favour of the tenant due to the flow on result of other owners failing to fund the Body Corporate responsibilities? Should we give in and just pay our share of the pool/spa levy and get things back to normal as opposed to fighting the developer to fix up his building? The building has been finished for around 2 years now (I think).
Cheers