Thursday, November 3, 2011

It all worked out in the end

As my post suggests I am in a better mood.
 
I am about 85% happy with what went down at the AGM last night. These things usually take about an 1 hour we on the other hand were there for 2.5 hours so as you can imagine there were a lot of people with questions.
 
At the end of the day the usual strata fees did not go up (they wanted a 5% increase). The roofs are getting done (my father actually voted yes), but the gutters and fascia will wait for at least 2 years.
 
The reason we voted yes is for two very simple reasons 1) As long as the strata gets the money before the 24 month deadline is up they don't care how or when they get it, we could do lump sum, monthly or quarterly. This is fabulous for us so we have time to save and/or add it to the mortgage if we so choose. 2) The money figure they asked for actually might go down. Apparently they are still shopping around for a roofer but from the 7 bids they have received so far they took the most expensive one and put that one into the payment schedule so they wouldn't have to come back to us in 18 months and ask for more money. Their goal was to show us the worst case scenario but ultimately use one of the roofers that quoted less and write checks back to us with the money that is leftover. I really do like their thinking on that. They also added a little nest egg into the proposed figure to cover cost overruns as well so they are pretty confident there will be no need for any more money. Over all very happy with the situation once it was properly explained and rationalized to us. So instead of paying an extra $300 per month for 2 years it's only $184.
 
I was also amused when a couple of the owners went after the property manager about his attitude and ideas he had about spending our money, that was one of my big issue with this whole thing and I was happy to hear I wasn't the only one questioning his authority.
 
So the roofs will be done in stages once the money starts trickling in some time in the spring, there are 5 buildings and building 1 is the worse so obviously they will be done first. We live in building 4 so we probably won't get done till 2013 which is fine with me.
 
This experience has taught me to question everything especially when it involves a third party committee and money. I did panic when I didn't need to but I feel if the paperwork was explained better we as strata owners wouldn't have been so angry.
 
Thanks everyone for listening and letting me vent.....and I promise I will post pictures of Quaker Christmas very soon. I just have to get the photos off my camera.
 

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