Buying in a Strata with remediation projects outstanding?


As strata complex start to age, upgrades will be required. Some with remediation projects and other large expenses. The challenge can be in getting approved for a mortgage while the project is still in process.

Many lenders will not lend money on strata complexes where large scale projects such as drainage, water ingress, crawl space repairs, roofs and other envelope or building related are being done. This can be especially true if you are trying to put 5-20% down. There are certainly exceptions to every property, Lenders like to see a remediation project is complete, with warranty and completion letter in place. Some lenders, who don't ask for minutes or AGM's when they approve you, will be your best option.