@msolga,
msolga wrote:
Damn.
Sharing your alarm, Deb.
Does the letter say by how much it will be raised?
At this stage I don't even know whether the anonymous note is true. It was supposed to be that the rates went down at this meeting, as the raised ones were supposed to be an emergency. I am tempted t ring the strata company, but no good ever comes of that. I hope the note DOES raise enough alarm that numerous owners attend the meeting.
Unfortunately, a lot of them rent their apartment out and, according to the note, extravagant strata fees are good for them, as it increases the tax offset they can claim. I am unsure to what extent this is true.
However, to stem my panic, am arranging valuations both for sale and rental value. I will also find out if I would have to re-mortgage if I wanted to rent out and be able to claim expenses against tax. If I can't do that, and the fees don't come down, I will have to sell as rental would not cover my mortgage and all the fees and expenses, like strata fees, council fees, water rates etc. and I'd be paying rent on top of that.
So I guess I am preparing for the worst and hoping it won't happen.