Cost Sharing Prompts Move to Strata Living Sydney Morning Herald
15/08/2005 One of the more attractive features of apartments, units or townhouses managed under strata title is a sharing of costs. Owners work together to finance the maintenance and repair of common areas.
Mr Richard Tooker, director of one of Sydney’s largest strata management companies, New South Wales Strata Management, says that the number of people selecting to live under strata schemes is growing year by year. And he says people who are downsizing from larger properties are amongst those most attracted to this style.
“Many people find the more collective style of cost sharing a driving feature, and one that often is a strong factor of their buying decision.
“The property industry calls them ‘downsizers’ or sometimes ‘empty nesters’. These are people who have long lived in the family home and find that with children now grown and gone they no longer wish to pay the high price of maintaining a too large property that they no longer need.”
He notes that many mature aged people find that they are real estate rich but have limited access to money needed for day-to-day living.
“By selling the large family home and relocating to a unit or townhouse under strata title they free up substantial sums of money they can then use to enhance
their lifestyle. In many instances the unit or townhouse has a range of amenities within easy reach. Walking out the door and down to shops, cafés or community centres suddenly seems highly preferential to getting out the car.”
Within the past ten years Sydney has experienced a sudden increase in the number of riverfront and harbour side residential complexes. They have sold well and owners have enjoyed very healthy capital appreciation. Non-waterfront developments, often quite large, have been situated amidst carefully manicured surrounds, beside golf courses or other noteworthy spots, which have become prime real estate and today wear quite expensive price tags.
“Owners of such properties chip in to see that the complex is run to their liking. Fairly recent changes to the State’s strata scheme laws have ensured that owners have better control over long-term financial management. Now, owners’ corporations, formerly known as the body corporate, plan for and set levies to cover maintenance and repairs that may be required to communal areas. Greater transparency has been another result, and owners of property in strata management schemes now have much greater peace of mind over the management of their affairs.”
Mr Tooker says New South Wales Strata Management oversees Annual General Meetings on behalf of hundreds of buildings situated throughout the Sydney basin. A team of Strata Managers assists owners’ corporations in evaluating needs and in meeting compliance regulations.
“Of particular help is our computer based financial management systems that tracks the flow of monies and flags future needs well in advance.
“The maintenance of executives records and financial statements is an important aspect of compliance with the updated strata scheme act. Our oversight role can see to it that the long term value of the property enjoys its maximum capital growth.”
He says that owners’ corporations wanting assistance with compliance with State strata scheme laws can contact New South Wales Strata Management on 9890 1841.
New South Wales Strata Management (formerly Gilmour Strata Management) commenced business in early 1991, as a member of the highly respected J A Gilmour & Sons group of companies. Licensed solely and specialising only in strata management services, the company has steadily grown to become one of the largest such organisations in New South Wales.
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