Strata Owner/ Investors Helped by Agreement 6/07/2007 Many the Australia’s two million plus owners of strata titled properties are investors. So for these owners tenancy is a topical issue. This is particularly true if a renter acts fast-and-loose with a strata by-law or fails to acknowledge their existence. But there is a way around the problem.
By-laws, being the Holy Grail of strata living, sometimes get lost on those that lack the vested interest in the building that an owner has. Tenants’ parking, or rather improper parking, is a common fountain of despair. Another can be night-time noise and parties.
A growing and very modern bugaboo has recently been in the news. This concerns too-many-occupants per unit space or per townhouse. This problem appears particularly frequent at beachside suburbs during summer months.
There is however an easy way to avoid such problems according to Mr Richard Tooker, the director of New South Wales Strata Management.
“Respect for neighbours can become sticky when someone is either unaware of a buildings’ by-laws or by someone who cares little about their enforcement.
“My suggestion is for owner-investors to take pre-emptive action by making compliance with by-laws a condition of any tenancy agreement. At the time of signing, a tenant can be given a copy of the by-laws. They can keep this for future reference. This will eliminate any prospect of a tenant wishing to deny being informed about the existence of the buy-laws. And by making them a condition of tenancy, a signed note that the by-laws have been received and noted is on the books from the very outset.”
Mr Tooker is only too aware that the current rental market is very tight. And with rental vacancy rates at a record low the interest in strata titled properties by investors is strong.
“Sydney desperately needs additional rental accommodation and rising rents are renewing investor interest in this property category. The cost sharing of significant expenses makes ownership of strata titled properties a very attractive proposition.
“For investors, good administration is a primary concern. So they have much to gain from having a professional team of strata managers on hand to assist as required.”
Problems can arise due to grey areas in rules governing a property, and the mere fact that buildings can range from multistorey apartment blocks through to town houses and multi-use structures can see areas of responsibility vary greatly.
“The bulk of disputes arise due to disagreements over who should pay for something and a lack of full awareness about what a particular owner owns and does not own.”
Mr Tooker is quick to add that the recent alteration to laws covering sinking funds has been very welcome and will provide a long term benefit to owners wanting to ensure that sufficient funds have been set aside to pay for repairs and maintenance well into the future.
Approximately one in five NSW residents lives in a strata title property. Mr Tookers Company oversees many hundreds and is amongst the largest supplier of strata management services in the greater Sydney area.
He says an effective strata manager can prove decisive in assisting an owners’ corporation in maintaining a harmonious level of input from the buildings owners and to ensuring that all receive the best possible level of administration.
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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