Things To Look For While Purchasing A Strata Property!

Talking about buying a property, needless to mention how big a deal it is when you look for a property in Sydney. This global hub connects Australia to the world economically and growing modernization has led to exorbitant property prices in the region. To cope with the problem and to encourage middle class investment in property, Strata title concept was introduced in Australia a couple of decades ago. Strata title provides you the liberty to hold a part of property as a against whole unit. Where a property is divided into a number of strata titles, Strata companies in Sydney provide property management services. Buying a strata title has many benefits. It gives you liberty to invest in potentially lucrative property just by buying a part of it, is suitable for small investors and let you build a large portfolio of investments. Buying a strata property may not be as comforting as it sounds. Here are a couple of things to look for while purchasing a strata title.

Check the by-laws of owners corporation

Owners corporation hold rights to the property that commonly owned by all the strata title holders. By laws are strict guidelines formulated by such corporation. Check properly the bye laws and do they fit your requirements.

Council rates and insurance costs

Every different region in Australia is guided by different municipal laws and requirements. Make sure council rates of the locality and compulsory insurance does not put a dent in your pockets. Generally strata management companies in Parramatta undertake to handle all these costs and compliance and charge a lump sum fee to all strata title holders.

Other maintenance costs and levies applicable in the building or locality

There are a number of maintenance costs that may happen to be levied which may increase the burden on holding a property.

Check if there is adequate privacy and easy access to amenities

Privacy matters. Make sure there is no noise or lack of privacy in the strata you are willing to buy. Easy access to amenities is another thing to look at. To illustrate assume an attached common kitchen and front yard may work.

Of course budget is the first thing to formulate

Decide on a budget and look for only those options that fall within price range. Going a little out of budget may work if the property is in good condition and booming in financial value.

Consult prevailing strata management services in Sydney associated with strata:

Strata companies are appointed to manage day to day operations of strata property and owners corporation. Give a visit to their office to solve any query. Sydney Strata managers may provide you with great advice relating to the strata you are willing to invest in.

7 Things To Look For While Hiring A Strata Manager

Strata management is all about dealing day to day operation and management of property that is jointly owned by multiple holders with some portion of property having individual ownership. This type of ownership is widely popular in Australia. This has necessitated the need to hire services of strata manager to deal with complicated issues. Choosing any strata manager requires due care and awareness of a strata management company’s reputation. Here are a couple of things to look for while going for a strata manager:

Experience

Experience ensures reliability of a strata management company. An experienced professional is able to handle varied issues in an effective way. This enhances credibility.

Good interpersonal skills

Sound interpersonal skills ensure unambiguous communication between manager and a client. This leaves no room for errors or mistake.

Sound knowledge of law and Compliance

There are separate legal and regulatory provisions relating to strata title ownership and management which are to be mandatory followed under Australian legislation. This necessitates requirement of strata managers to have a sound knowledge of all the legal compliance and procedures to be followed. He is expected to handle all the legal queries of the clients.

Competitive fees

With growing popularity of Strata title holding in Australia, Sydney strata management companies are rising fast. Increasing competition and high demand compels them to provide high quality services at competitive prices. A strata manager is therefore, expected to provide high quality service at competitive prices.

Effective response mechanism

A strata management  services company is expected to practice highest standards of profession. Strata manager is accountable for all the matters dealing with strata title holding and management, including maintenance works. Issues may arise anytime and strata manager is expected to provide quick response on the matters dealing with his services. He should be accountable for his actions and any decision influenced by his consultancy.

Sound managerial skills

One of the core jobs of a strata manager is to handle the matters relating to common property. Common property is the one used by all the strata title holders in an apartment or a flat whose title is jointly held by strata title owners such as stairs, exterior walls of an apartment etc. Any maintenance issues or dispute relating to common property is to be handled by strata management for which good managerial skills are important.

Dealing with the by laws

By laws are not mandated by state or any government authority but formulated by owners corporation for smooth functioning and decision making. By laws tend to resolve any conflict that arises in owners corporation. Some model by laws are set up by Sydney legislation to adopt. Sydney Strata managers has this task of assisting in formulation of by laws and clear interpretation of the same.