by Marshall Cobb - Head of New Projects
A good strata manager and a properly funded owners corporation are critical to the success of an apartment block once the builders have moved out and the occupiers have moved in.
If you are a considering buying a property, it is important to undertake a detailed review of the owners corporation to ensure it is properly managed and funded, and be aware that there are 2 types of buildings...
The first type of building is predominantly 'owner occupied'. In here the owners corporation is well funded, as the owners live-in the building and care a great deal about the state of the corridors and the building structure, the garden, the lifts and that someone takes out the rubbish each week. The second type of building has a high number of investor owners - often these are larger towers in and around the CBDs, and town centres. These properties have the potential to be slowly strangled into decay due to the lack of funding for regular maintenance and repairs, as the investor owners don't see the immediate value in paying the fees.
May we respectfully suggest you take a close look at boutique projects like ours :) where there is a high level of owner occupiers, a terrific living environment and potential for good capital gains upon sale.