I was chatting with a friend recently... She was saddened over the fact that she and her husband were being forced to sell their beachside apartment - the strata building is riddled with concrete cancer and the bill each apartment owner is facing for repairs is over $100k.
They simply don’t have the funds to pay this kind of money. Neither do most of the other apartment owners - which is not surprising, given the high mortgages most Sydneysiders have to have to live by the beach…
During our discussion, I raised a practical solution: Sell the roof space to a developer/3rd party and use the funds to pay for the repairs to the building.
There was a silence in our conversation… And then she said, “OMG!! That would mean we don’t have to sell!!”
The conversation continued as I further explained that the funds could also be used to not only repair the concrete cancer but also to modernise the building, thereby adding value to every apartment.
My friend will be able to keep her apartment, pay for the repairs AND add value to the place.
It’s a WIN-WIN… :)
I’m sharing this story so that anyone who might be facing a similar situation can know there are solutions. Hope it helps!!
If you would like to learn selling air rights of your strata property, email warren@buyairspace.com.au.