Improving The Value Of Your Strata Property
Nothing stays new forever and buildings are no different. A strata property will deteriorate with time unless specific measures are put in place. If these are not followed through, it can lead to the property’s value not appreciating at the same rate of other properties in the area. This can be done by owners corporation by undertaking regular maintenance and keeping the property in a good state of repair. Below are our top tips on how you can improve the value of your strata property.
⦁ Regular Maintenance and repairs:
The Strata Schemes Management Act states that you are required to keep the strata property in a state of good and serviceable repair. It is therefore paramount that you use professional and licenced tradespeople to maintain the common areas on your behalf.
If you have external body corporate management, it is their job to ensure that common areas are always kept presentable. These include, hallways, garbage rooms, gardens, parking lots, the vestibule, laundry rooms and gymnasiums.
⦁ Frequent repairs and updates
The Strata Schemes Management Act clearly states that any defects that require repair must be dealt with quickly. The strata management must hire expert repair personnel to deal with the issue. The costs must be covered by the strata community via their levies. A strata scheme should also comply with relevant legislation. An example is the Swimming Pools Act which states that all pools require a child-proof safety barrier or regular service of the lift to ensure the annual safety compliance certificate is issued.
Regular updates are important as they ensure that the property is kept up to date with current technological developments. Measures that can be taken include installing Wi-Fi enabled intercom, elevator upgrade, repainting the walls or garden makeovers.
⦁ Reducing running costs
This is a great way to make sure that you save enough to be able to perform regular maintenance and frequent repairs. You can do this by changing to low emission lighting and installing movement sensors so that you spend less on electricity. Water saving measures can be implemented so that all the money that is saved by the body corporate can be used to improve the building.Do you have any questions regarding residential and commercial strata management? Are you looking to switch strata managers? Not altogether satisfied with the information you’ve been getting from your current strata managers? Don’t hesitate to contact Montano Strata’s qualified team today.