For the first time since 1973, the NSW laws governing your valuable individual and collective property asset are the subject of significant changes.
The new laws are designed to bring the state’s 75,000 strata schemes into the 21st century.
Crucial to not only your lifestyle and enjoyment of where you live – but also the future capital gain on your most important asset – is how well managed and maintained they are.
The 90+ amendments to the strata legislation are aimed at making this easier to achieve.
And the stakes are high – the combined value of NSW strata schemes is worth $350 billion in assets. These properties are run by small voluntary committees of owners and strata management companies.
Not only do the new rules pave a smoother path to ensure you can get involved and have your say, but partnered with an experienced and skilled strata manager who understands this sector, can positively change outcomes for your investments and lifestyle well into the future.
If you would like to live in a well run strata scheme, with your property asset (your unit) and collective property values (your entire unit block) protected, enhanced and expertly managed, and the best strata manager guiding the way, then you may be interested in IUM’s tips on making the most of the new strata laws.
As of 30 November 2016, many owners are likely to experience an increase in strata management companies vying for business in this growing sector.
But, new laws don’t mean anyone who wants to set up shop has the skills and experience to do a good job in a complex sector.
So, where to start and how to avoid the traps?
Check out IUM’s guide to the key changes that will apply to your scheme into the foreseeable future.