Buyer Advice Gets Strata Buyers Off To Good Start 1/05/2008 The growing number of people now thinking of buying into strata title living gives rise to advice on how best to approach their purchase. Just what are the pitfalls, if any, and what steps can people take to ensure they look properly before they leap?
One man who sees the issues clearly is the man who operates one of the states largest strata management companies. As the director of New South Wales Strata Management Mr Richard Tooker overseas the work of some 17 executive managers who assist in the management of hundreds of properties operating under the strata schemes act.
“There are a number of preparatory steps that will help prospective buyers get off on the right foot. Knowledge is the key and knowing where to turn to find out facts is the correct place to start.”
Mr Tooker says it is imperative that anyone considering a purchase take a careful look at the books and records of the owners’ corporation. A search will show what monies have been put aside for the buildings’ ongoing maintenance, and will afford a clear record of how the buildings’ finances have been managed in the past, and importantly, how preparations have been made for ongoing repairs and conservation well into the future.
“Records will show how periodic payments that have been collected and pooled by the owners and called strata levies have been used and to what extent forward planning has budgeted for the future. Buyers will need to understand when they will have to pay levies, the extent of these levies and when, quarterly or otherwise.”
He says attention should be paid to the maintenance of a Strata Roll, which details what aspects of the collective property are held in common and includes details of each individual lot.
“This roll pertains to sections 96 through 99 of the Strata Schemes Management Act 1996 and covers a wide range of information, including the by-laws, which are the regulations that the Owners Corporation and its’ executive committee have in place and form the rules that govern the buildings inhabitants.”
Mr Tooker says these by-laws, for example, will stipulate whether or not the owners’ corporation is ‘pet friendly’ or not. It is also important he says to recognise well in advance that as an owner you will be sharing some spaces communally. These are the portions of the building known as common spaces and are for use by all.
“With strata living one’s neighbour is not across the street, and may not even be across the hall, but literally on the other side of a common wall. People need to be aware of this.”
Mr Tooker suggest that interested parties educate themselves as to their rights and responsibilities and that they identify who on the executive committee they might contact in the event assistance is required.
He says any owners’ corporation seeking professional oversight assistance can contact New South Wales Strata Management direct on 9890 1841 to arrange an obligation free consultation.
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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