Speedy Access Adds New Dimension to Buying a Titled Strata Property 28/01/2009 Prospective property buyers have a wide array of assistance that can help them determine the viability of involvement in what has been termed Australia’s fastest growing property sectors, strata titled properties.
Mr Richard Tooker, the director of New South Wales Strata Management has seen how improved access to property details and record keeping has enhanced the ability of buyers to see well in advance if their decision will be a sound one.
“It isn’t only developers and solicitors participating in medium to large size strata titled property projects that can use systems to evaluate the soundness of their prospective purchase. Now even small investors or individual buyers can receive help in assessing important facts prior to their purchase.”
“By their very nature strata schemes operate as a collection of properties on one property block, each with its own separate title, known as ‘lots’, but together they share what is termed common property.”
This fact, he says, can add a dimension of complexity, however good systems and the availability of good data can fill-in the details necessary for even small buyers to make sound decisions.
Mr Richard Tooker, the director of one of New South Wales largest strata management companies says organisations like his can provide much more than management frameworks commonly sought by developers and solicitors. Now it is possible to receive inspection details that cover an enormous range of information about how an individual strata title scheme is currently being run. The information, he says, can not only extend forward into the future but backwards too, allowing a prospective buyer see a clear and total picture of events.
“The additional requirements of strata scheme living often raise additional issues above those normally applicable to standard properties.”
Mr Tookers company oversees the management of hundreds of properties situated throughout the greater Sydney basin, and suggests that buyers take advantage of inspections to help them see the working details of how a strata scheme is being run.
A pre-purchase strata report, he says, can help a prospective buyer see inside the workings of a strata-titled building. It can show whether the strata scheme is adequately insured, whether special levies have been required, whether there is any evidence of building or structural problems and whether or not the strata scheme has an adequate reserve of fund to forward fund future needs.
Adequately done, such a report can even disclose whether or not there has been a history of disharmony.
“As specialist in Strata Management we have 22 highly trained professionals that provide Owners Corporations and their Executive Committees with advice that will ensure their legal compliance with all aspects of the Strata Titles Act.
“And we employ associates with further knowledge and abilities in assisting not only developers and solicitors in accessing details but little people too.”
Mr Tooker says that knowledge is king, particularly when applied to any property dealing, and recommends that ready access to the most up to date information is the key.
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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