Common area backyard query

[SWS]

Hi all

I am in cooling off period on a 2 bedroom unit with 3 only in the complex.

Currently the yard is common amongst the 3 units. Having obtained the most recent strata minutes conducted 2 weeks ago the residents have agreed to approach council to have the yard divided amongst the 3 units with colorbond fencing.

My query is whether this sort of change will increase the value of the unit. I understand there will be costs associated. I trust this will increase the rental potential too?

The council municipality is Shellharbour City.

SWS

 

[Propertunity]

My query is whether this sort of change will increase the value of the unit. I understand there will be costs associated. I trust this will increase the rental potential too?

In my opinion it won't increase the value of the unit. You still have a 1/3 share of the backyard as you always did.

However, it is more attractive to someone wanting to rent or to buy in the future, and should therefore sell quicker, maybe for a better price.

 

[Scott No Mates]

Most likely that the owners corp will pass a motion for exclusive use of the areas to each of the owners. This will pass with each owner until there is a new motion to retract it (unanimously).