Hi All,
I just became a Rein member today, yeah! lo and behold I get an email from our strata counsel
in Courtenay saying fees are likely to increase another 25%. Brief history: purchased investment
property in Courtenay, July of 2007 bought 1 unit in a 24 unit condo complex, downstairs units
have access to bit of garden space outside. well maintained.
In process of purchasing, strata fee was $90.00, once purchased strata fee was $100.00 ... 3 months later after purchasing, strata fees were raised to $150.00 a month . Now with another 25% strata fees would be $187.00 a month. The unit cost $119,000 .Strata required $900.00 from each owner in January for upgrades. I`m really not liking strata fees. I can see the benefit of a well maintained unit and thank the people who are taking care of things as we`re at a distance in Pitt Meadows.
I guess I didn`t do my due diligence and ask the necessary questions upfront, as they didn`t have much of a contingency fund and we`re presently in a negative cash flow of $118.00 before another strata increase and we can`t raise rent another 4% until next year.
Question: Any opinions would be most appreciated, $187.00 seems high for this area, should we be thinking of selling this unit, or wait it out for better appreciation. Presently rents at $725.00
Thanks, I`ll look forward to any advice you may offer.
Barb
I just became a Rein member today, yeah! lo and behold I get an email from our strata counsel
in Courtenay saying fees are likely to increase another 25%. Brief history: purchased investment
property in Courtenay, July of 2007 bought 1 unit in a 24 unit condo complex, downstairs units
have access to bit of garden space outside. well maintained.
In process of purchasing, strata fee was $90.00, once purchased strata fee was $100.00 ... 3 months later after purchasing, strata fees were raised to $150.00 a month . Now with another 25% strata fees would be $187.00 a month. The unit cost $119,000 .Strata required $900.00 from each owner in January for upgrades. I`m really not liking strata fees. I can see the benefit of a well maintained unit and thank the people who are taking care of things as we`re at a distance in Pitt Meadows.
I guess I didn`t do my due diligence and ask the necessary questions upfront, as they didn`t have much of a contingency fund and we`re presently in a negative cash flow of $118.00 before another strata increase and we can`t raise rent another 4% until next year.
Question: Any opinions would be most appreciated, $187.00 seems high for this area, should we be thinking of selling this unit, or wait it out for better appreciation. Presently rents at $725.00
Thanks, I`ll look forward to any advice you may offer.
Barb