This paper appraises the relative merits of the three main options to funding common property capital expenditure in multi-owned housing (MOH) schemes. The three approaches are: 1) raising funds from unit owners at the time a common property capital expenditure is required (widely referred to as a 'special levy'); 2) debt funding; and 3) accumulation of a fund from unit owners prior to common property capital expenditure. A set of criteria is advanced for appraising the relative merits of these funding options. At a generalised level of abstraction, it appears that the accumulation of a fund prior to capital expenditure represents the preferred option.