Sell or hold a unit with special levies?
I’m in a dilemma. I bought a unit with water ingress defects a year ago. I had no ideas how badly it was until I came to my first strata meeting. Special levies were issued for remedial work of 2mil. All owners have been paying to fund the remedial works
Good news: The remedial works had started, and expected to finish sometimes next year.
Bad news: more defects have been found. Builders made mistakes, works had to be redone again in a few units. Potentially a loan will have be drawn to fund the rest of the work. It could be a small amount not 2mil but that means the quarterly levy will be increased.
My dilemma: if I sell, high chance I might sell it at a loss which I’m prepared to do within my limit. If I hold until the defects get fixed so I can sell it at market price, I face two potential issues, 1 other owners would most likely sell at the similar time (many of them had told me so), putting the apartment building under a bad image, harder to sell. 2 more issues could happen at this apartment since the original builders did a dodgy job, other hidden issues might arise as quarterly levies could be going up as time goes on.
This is my first home. Needless to say I have a terrible experience. Anyone has experienced similar circumstances. What’s your advice?
Should I sell or hold?
Thanks in advance