A message from Nathan King, Acumentis WA
Having serviced the dynamic WA real estate market for over 25 years, the recent amendments to the Strata Titles Act 1985, has been a significant one in the Western
Australian Strata Industry but also significant legislation in the property market that we have experienced. We know from our own experience as a company that also provides independent property advice and valuations, that high strata levies can have an adverse impact on the marketability and appeal of a property.
We can recall several of our clients being caught up due to insufficient funds in their sinking funds especially when the property needed simple maintenance items such as repaint. We vividly remember a 40 year old twelve storey building in dire need of replacing their glazed windows and sliding doors, putting a significant amount of stress on all the owners, as they hadn’t obtained a professionally prepared report, to cater to future expenses for maintenance, expenses that were close to $1.5 million.
With the recent legislation change to the Strata Act, where owners of a lot within a strata titled scheme it is prudent to obtain a professionally prepared report. This ensures funds are in reserve to meet the ongoing maintenance items, to protect not just the building, but the owners from expenses they didn’t prepare for which can impact strata levies.
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This article was provided by Acumentis
