Strata Ownership Gets an Airing 29/08/2005 The number of people buying into strata title living is expanding rapidly. And the number of people needing to gain a better understanding of what one actually owns in a strata scheme is growing too.
Mr Richard Tooker is frequently asked this question so has the answer.
As a longstanding director of New South Wales Strata Management, one of the State’s largest managers of strata titled buildings, he has become a local authority on the subject.
He says that because strata schemes see people join what is effectively a community, owners need a clear understanding of exactly what they share with others and what they do not.
Most people are aware, he says, that cost sharing over common ground makes strata title living attractive, as no single owner has to carry the burden of financing the maintenance and repair of common areas.
“What people need to know is what exactly are the common areas under management by the collective community. This is quite easy to find out. Prospective buyers or owners can see for themselves where common property boundaries lie by reviewing the strata plan, which is required to show the common property.
“It can pay to give special attention to the details of such areas as balconies, the sliding doors leading to them, balcony railings and even garage doors, as some strata plans can differ as to whether or not these are common property or not.”
More generally speaking, he said that owners of most strata titled property own the inside of the unit but not the outside of the building.
“It may sound a bit odd, but it’s a little like owning the airspace and all that’s in it. By this they mean the internal components such as the wall between one room and another, fixtures, carpet, bench tops and fittings.”
It is usual, he said, for the ceiling, roof, floor and four main walls to be common property. These form the boundaries that contain the ‘airspace’ inside, which remain under the owners control.
The administration of the common property is the responsibility of the owners’ corporation, who collect an administrative fund to handle normal day-to-day expenditures and operate a sinking fund to cover future outlays.
Mr Tooker said it was part of the job of a quality strata management team to assist owners’ corporations to ascertain a suitable level of funding and to ensure that all requirements of the Strata Title Management Act are properly complied with.
Owners’ corporations concerned about their level of compliance with State strata scheme laws can contact the office of New South Wales Strata Management on 9890 1841 for assistance.
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.
|
|
|
