Hi All,
I own a ground floor unit which has a sliding door leading to a courtyard that is common property. The courtyard is at the back of the unit, and is generally not used by other residents as you have to walk all the way around the back to get there.
I am investigating the possibilty of changing the strata by-laws so that my unit has exclusive use of this area, obviously would add value to my unit and would lead to an increase in rent.
I'm just wondering if anyone has done something similar, and what are the steps?
I understand I will need 75% of the owners corp to agree to the change, however our block has had some significant expenses in the past few years and I suspect most owners would be grateful for the cash injection this could provide.
Do I need to get a registered valuer in to value that parcel of land? Do I simply offer the BC the equivalent amount?
As you can see, I am floundering on this so any help would be appreciated
thanks
Roosterman
I own a ground floor unit which has a sliding door leading to a courtyard that is common property. The courtyard is at the back of the unit, and is generally not used by other residents as you have to walk all the way around the back to get there.
I am investigating the possibilty of changing the strata by-laws so that my unit has exclusive use of this area, obviously would add value to my unit and would lead to an increase in rent.
I'm just wondering if anyone has done something similar, and what are the steps?
I understand I will need 75% of the owners corp to agree to the change, however our block has had some significant expenses in the past few years and I suspect most owners would be grateful for the cash injection this could provide.
Do I need to get a registered valuer in to value that parcel of land? Do I simply offer the BC the equivalent amount?
As you can see, I am floundering on this so any help would be appreciated
thanks
Roosterman
