Are you thinking of investing in a strata property?
Are you looking at investing in a strata property? Strata properties can be a great investment and having experienced trades in particular excellent strata painters on hand to look after your investment is beneficial. If the strata property you are looking at purchasing is also being managed by a Strata Manager then it can be a very hands-off type of investment which depending on your circumstances can be great. Who doesn’t want more time to enjoy life.
For those that aren’t familiar with the strata property concept, it’s where multiple properties are on the same title because they share a common area – roofs, lifts, gardens, driveways, etc can all be common areas that aren’t normally owned by one owner. Properties such as apartment buildings, unit complexes, townhouses, retirement villages, caravan parks, commercial buildings/shops, etc are common strata properties.
Strata properties are normally managed in one of two ways. Either with a Body Corporate or they appointment a Strata Manager:
- Body Corporate – is made up of a committee of owners who appointment office bearers, etc. Decisions are still made at meetings and discussions are had around issues, etc but the office bearers take on more of the day to day tasks and are your go to people for any issues, etc.
- Strata Managers – a Strata Manager still works with the Body Corporate but the Strata Manager takes on more of the day to day task and administrative tasks. They still seek approval of any changes, etc from the Body Corporate and Body Corporate meetings are still held. They just free up the time of committee members and are also up to date on laws and regulations that need to be met.
Pros and cons of purchasing a strata property
There are many pros and cons to owning a strata property. One thing you want to investigate when looking to purchase a specific property is the financial position of the Body Corporate and what the Body Corporate fees are:
- Great lifestyle.
- Low maintenance investment if managed by a strata management company.
- It can be more economical to purchase compared to a freestanding property.
- Permission is usually needed to make any changes to your property.
- Strata fees are normally subject to change so can increase as things need updating/repairing with the building.
What changes can you make especially when you want the strata painters in
It’s always best to double check your strata laws but you can generally repaint the inside of your apartment/unit without needing to get permission from the Body Corporate or Strata Manager. If any area that you wished to repaint is in a common area then you would need to get permission and it would generally have to go to a Body Corporate meeting.
So, if you are wanting the strata painters to come in to repaint a common area and you are wanting to change the colour scheme, then do your homework. Take along your colour charts or paint chips to show the committee members at the meeting. Even take it a step further and speak to the committee members individually if you are able prior to the meeting and then if there are any concerns regarding the colour, etc you can always revisit some other options and then be able to present some other options at the meeting which will speed things up.
Why choose Summit Coatings as your strata painters in Sydney
Summit Coatings have worked with many Body Corporates and Strata Managers over the past 30 years. Our painters are experienced in undertaking large projects and we are experienced in the concerns and processes of working on a strata property. We have reviewed and perfected our process over the years to make it as streamlined and least disruptive as possible to the owners and residents of your strata property.
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