Strata developments come with a lot of moving parts, making it very hard to keep track of all the different issues to keep on top of, especially if you are a first-time owner or member of the strata committee. The first issue that often arises in strata developments are disagreements between owners about such things as who is responsible for certain maintenance costs and necessary repairs.
To resolve these issues and to know how to keep a building in the best possible condition, in-depth knowledge and experience in finances, strata laws, building maintenance and mediation techniques is often necessary. However, no one can expect an owner who has a full-time job and other things to worry about to have this kind of knowledge. That’s why having a strata manager on board can really make the difference between a messy, disorganised strata scheme and a successful one.
The importance of capital works funds
Every building needs regular maintenance, such as replacing and repairing roofing, floor coverings, lifts and pool equipment, or repainting walls and ceilings in common areas. The cost for this needs to be covered by the capital works fund, which consists of fees collected by the owners corporation from all owners. When you first decide on how high fees should be, it might be hard to know how much is really needed for regular maintenance. In this case, an experienced strata manager can essentially function as a financial advisor.
An ideal strata manager has in-depth knowledge of not only how much regular maintenance costs, but also how much you should calculate for more unexpected expenses. They will also have connections to maintenance companies and builders so that if any repairs are needed, they can get the right people on site as quickly as possible. Jamesons is proud to say that we have been able to do this for many properties, such as the award-winning Botany Cope, which had storm damages in 2015. The owners at Botany Cope not only did not have to worry about how to get damages repaired themselves, they also had them repaired expeditiously.
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Upgrades can ensure the long-term attractiveness of your property
To make sure that your property stays up to date and attractive to potential future buyers, upgrades are necessary. A good strata manager will have knowledge of the real estate market and know what kind of developments are in demand. This way, you will know how to invest money in the right kind of upgrades.
For example, many older buildings don’t have secure entrance doors or rely on outdated systems for ensuring the safety of the inhabitants. Investing in secure entrance doors, video door-phones and secure letterboxes will make your property more attractive to people looking to rent or buy a lot in your strata scheme.
Another major trend in strata upgrades is strata greenification. This involves things like investing in solar panels, upgrading white goods to be more energy-efficient and building community gardens, but also smaller steps like switching to LED lighting, covering unused pools in winter and having sensible heating and air conditioning policies.
At Jamesons, it’s important to us that your property not only runs well but is also up to date and attractive to potential new tenants and buyers. Our wealth of experience combined with a modern approach will ensure that your property is in the best possible hands.
Get in touch with our dedicated team today to find out more about our suite of services.