With property rates being higher than ever in cities, it’s no wonder many people are shifting towards apartments and joint properties. Owning a large home could be perfect for yourself, but it may not be the best investment opportunity. Renting out a whole property can be a long term investment, but the return on your investment will probably come after many years. A better option would be to buy a small apartment or part of a property. Many buildings have a joint ownership agreement, where you could purchase a single apartment in the entire building. However, multiple owners managing a single building could lead to disagreements which need to be resolved. This includes managing the joint areas, cleaning of the property and maintenance. This could cause a lot of stress for multiple owners. A strata company in Sydney will effectively manage your joint assets and take care of these issues according to a pre-set agreement.
Many joint property owners face a lot of stressful situations regarding the management of joint resources. This is especially true if it is a single building with multiple owners. You could face issues over the water and electricity bills, or who should take care of the gardening expenses and how often this should be done. There’s also the problem of which owner will pay for maintenance and whether this should be done or not. Although many of these issues can be resolved through a prior written agreement, there are still chances that unexpected issues will arise that were not part of the agreement. Most joint property owners find it much easier to solve their property problems through a strata management company as they act as a third party and save you from additional stress. You won’t have to worry about unforeseen expenses either as the strata company will manage these as well.
While individual owners could argue on when to conduct maintenance and how to manage gardening and other such expenses, a strata company will provide a neutral solution to this problem. The company may arrange for maintenance according to the state of the property and only when needed. This may save you from incurring unnecessary costs. They will also manage other aspects of the building, such as where to place fire exists and what safety standards should be followed, etc. In addition to this, they handle the joint financial expenses and may draw up a specific budget for this, according to the property requirements. This will give you an idea of how much you’ll need to allocate for these expenses so you could plan accordingly. In short, it is a great way to reduce arguments between various owners and may be more efficient as well.