Property owners can have the land on which their homes are based, registered in their name, and this gives them absolute rights over the land and all the property on it. Many people go in for homes that have adjoining properties, like in apartments and townhouses, and here they share all common areas with others, which can include lifts, driveways, gardens, and roofs, besides others. These are called strata properties, and their successful management requires a different kind of approach.
The common areas, over which no homeowner has exclusive rights, have to be maintained through the joint efforts of all the owners of units in that particular compound of homes. The owners of homes in strata properties have to pay a levy that is meant to cover the costs of the-the maintenance of the common areas on the property. In most cases, these taxes are decided jointly by all the owners. They can also choose to appoint property managers to assist them in the task of looking after the property common areas and for collection and administering of the levies.
When you decide to invest in a strata property you benefit from the bulk of maintenance being outsourced for as long as you own the property. The fees that the associations or corporations managing the property charge are flexible and will vary depending on the standards of maintenance demanded by the majority of owners, and can increase as the property ages and maintenance requirements increase. One advantage in such properties is that they will cost less and will have less legal hassles in the transfer of ownership. The demand for such properties is constant, and this makes it easier to sell them.
“Property management of strata properties can also often require homeowners to follow individual lifestyles that the majority of the residents will be comfortable with.” Florence Shipp, a strata management expert in Vancouver points out. “It means that there can be restrictions on keeping pets, parking places, hanging out washing, holding barbecues or parties and other activities that other neighbors may find disturbing. You cannot also make any changes in your home, without getting the permission from the managers of the property. It also becomes incumbent on all homeowners to participate in the formation of any corporation or association to manage the property and take responsibility for all decisions that are made jointly.” Florence offers more information about strata management on her company’s website at http://ww1.ascentpm.com/.
Managing strata properties becomes difficult as the number of co-owners and properties increases. Often, the management does require the services of a person who can devote all time and energy to it. Appointing a service company to undertake this management or any qualified person to do so can increase the cost to owners and becomes feasible when there are a greater number of property owners involved. An advantage, however, is that these people are professionals who will ensure that the property is managed to the standards demanded by the owners.
It is essential for the property management of strata properties that attention is paid to the regulations and laws that govern such properties. There can also be disputes between homeowners that the property manager may be required to solve.