Buying property is one of the biggest financial decisions you will ever make.
But when you buy into a strata-titled property, you are buying more than just your four walls.
You are buying into a community, and to improve the value of that investment, you need to play an active role in that community.
According to Hay Property Group director Alan Stubbings, all owners should look out for one another when it comes to common property.
“You are a part of a community and if everyone looks after everyone else’s interests, long term, the value of your asset and the value of your interest is protected.”
Whether your property is a home or purely an investment, you will want to do everything in your power to help its market value rise.
If your property is part of a strata title, such as apartments, units or townhouses, there is more to consider than the appearance and maintenance of your lot.
While it’s important to ensure you keep your private property clean, well-maintained and in line with market trends, all your hard work can be undone if common areas do not meet the same standard.
At Strata Plan, we see a lot of investor owners who take little interest in their Owners Corporation, however experts believe it is in all owners’ best interest to take a keen interest in their body corporate management.
According to Mr. Stubbings, the performance of your property’s Owners Corporation can have a big say in the value of your own private lot.
“A person who buys a property in an Owners Corporation might pay $500,000 to $1 million for their property, so they would want the Owners Corporation to help them protect their asset,” Stubbing said.
“You can go to a particular block of units or flats and walk in and see rubbish lying everywhere, abandoned cars and common areas with messy carpets and scuffed walls and that can really have a negative impact, particularly on buyers.
“When they walk in and see a mess, they’ll build a bit of resistance straight away.”
Mr. Stubbings said it was in every owners interest to play an active role in their Owners Corporation and ensure enough money is raised to keep the properly well maintained and presented at all times.
“It’s in every owners interest to make sure that the things that everyone can see and the things that create a first impression are really well looked after because it will help your protect the value of your asset.
“A member of an Owners Corporation is a part owner of the common property, so everyone should treat that common property with the same respect as if it were their own.”
While Owners Corporation managers, like Strata Plan, always try their best to guide lot owners in the right direction, lot owners need to take responsibility for their own common property and work together to achieve outstanding outcomes.
Contributing to your Owners Corporation does not have to be difficult either.
It can be as simple as placing all your waste in the provided bins, paying your body corporate fees on time or simply attending your building’s Annual General Meeting.
The nature of Owners Corporations means that only those who speak up are heard.
If you would like to play a more active role in your Owners Corporation, contact Strata Plan today to learn more about how you can contribute.
If you would like to contact us with any queries please complete the form below and we will respond to you within 2 business days.