As our first strata buildings approach middle age, it is time that we ask; how might the strata system fail? Tellingly, there are many answers to this question that in my thirty years in this field I have never heard asked.
Here are some –
The strata system might fail financially because owners have not saved progressively for repairs and maintenance and the burden of making the building good to prevailing standards of health and life safety is too great for the individuals or the building concerned.
The strata system might fail for want of self-management because owners find the laws and standards too hard and the rewards of serving their community on a purely volunteer basis simply not enough.
The strata system might fail for market-based reasons if demand for apartments ceased perhaps because repair and maintenance was let go beyond the feasibility of economic repair, or the burden of self management made it an undesirable housing option.
The strata system might fail for want of finance or insurance protection for the same reasons.
So the final question; is it time members of the strata community started asking these questions?