Property ownership in Australia has really come a long way. Gone are the days when you had to have an individual title deed in order to own property. With the advent of strata titles, anyone who owns one or more units of a larger building has a stake in the ownership of the entire property, and is called a unit owner. Unit owners are basically holders of strata titles.
While strata living has made it possible for many people across Australia to invest in the real estate market, it usually presents a unique challenge – management of the co-owned property. Each unit owner has full ownership rights over their specific units, but they share responsibility for the maintenance of common areas, such as driveways, playgrounds, and gardens, with other unit owners. This situation can make management of the entire property very difficult, as different unit owners have different personal interests, and of course, different management styles.
Strata managers refer to corporations that manage jointly owned properties, such as townhouses, serviced apartments, retirement villages, etc. on behalf of all unit owners. If you are interested in owning a strata title lot, you should be aware of the benefits that these companies bring to the table.
Property management expertise
Managing jointly owned property is not an easy job. It requires a lot of knowledge and experience so as to increase the property value. Strata managers take up the management responsibilities associated with strata living.
A strata manager will manage the cash flow, budgets, and expenses of your owners' corporation in a prudent manner, while ensuring that every minor repairs or large improvement projects are performed by industry experts. This will ensure the entire property is managed in an efficient manner, so that lot owners can enjoy stress-free living.
There are specific laws governing ownership of strata titles in Australia. Like any other laws, these laws must be complied with to the letter. As a unit owner, you may not be well-versed with strata laws, and therefore can get yourself in legal trouble for violating any of those laws.
The best way to avoid being on the wrong side of the law is to engage the services of a strata manager. The staff that work for these companies understand the ins and outs of the strata legislation process, and can therefore help ensure they do not affect your property the wrong way.