What does it really cost your strata to delay necessary repairs?

If your owners corporation has been deferring maintenance or putting off critical works, the answer might be: far more than you think.

Today's Sydney Morning Herald features the story of Vincent Woodgate, a Sydney apartment owner who discovered his building had serious defects – leaking roof membranes, combustible cladding, failing awnings – and a strata committee unwilling to act. With the insurance company threatening to refuse coverage, Vincent joined the committee, drew up a works program, and financed it with a Lannock strata loan.

The result? Works completed in four months. Insurance premiums reduced. Property values improved.

As Lannock CEO Paul Morton told the SMH: Buildings that delay repairs don't just face higher costs – they face compounding risk. Water ingress sits at the heart of 60–70% of strata problems, and it only gets worse over time.

Delays almost always mean higher costs. Complex funding structures almost always mean greater risks to owners and community wellbeing.

A Lannock strata loan is straightforward, fast and purpose-built for situations like this. It gets works started immediately, without demanding large upfront cash contributions from owners and spreads repayments fairly across the community over time.

If your building has deferred maintenance or known defects, the best time to act was yesterday. The next best time is now.

Read the full Sydney Morning Herald article

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Photo credit: Sam Moody