Improving the Value of Your Strata Property

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Nothing lasts forever, and nothing stays unspoiled for years. Even a strata property will deteriorate over time and if the necessary measures are not taken, this can result in its demise.

Strata managers and owners corporations can do something to prevent this. By regularly improving the value of the property, you can ensure that the strata is kept functional and aesthetically pleasing for residents for years to come. Here are the two important actions that need to be taken.

  1. Regular Maintenance and Repairs

Forget the fact that you have a responsibility under the Strata Schemes Management Act 1996 to keep the property in a state of good and serviceable repair, it’s also just nice to live in a place that is clean and tidy. To ensure this is the case for your building, it is important to use professional services such as cleaners and gardeners to regularly maintain the common areas. The strata or body corporate management should oversee all these and make sure that everything is working in perfect condition. Among the common areas that should be properly maintained are:

  • Hallways and stairways
  • Columns and railings
  • The lobby
  • Parking areas
  • Elevators
  • Shared facilities such as laundries and gymnasiums
  • Garden areas
  • Swimming pools
  • Garbage rooms

The legislation is also very clear that In case of any defects that may develop, repairs need to be done immediately. The body corporate or strata management should hire expert or professional repair personnel to take care of the issue. All the maintenance and repair costs would need to be shouldered by the strata community, through the levies that are collected from the owners.

  1. Necessary Upgrades and Improvements

detailed illustration of a compass with upgrade text, eps10 vect

Upgrades sometimes would need to be done to ensure that the strata is up to speed with current technological developments and to keep it looking good. These may include door automation, elevator upgrades, repaints, oreven garden makeovers.

Aside from these, a strata also needs to ensure that it is operating in accordance with the legislation. The recently implemented Swimming Pools Act for example, requires all pools to have a child-resistant pool safety barrier installed for all residential pools. In this case, an upgrade would then be needed to ensure that your strata is in compliance with this legislation.

To ensure that your Sydney strata doesn’t get left behind, it’s important to follow these two measures. This can help maintain the value of your strata not just for the individual lot owners but the strata community as a whole.

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If you would like any of this information explained in further detail or are looking for personal advice, please feel free to email our strata specialist Taylah who will be happy to answer your questions.

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