As you may know, the number of people who choose to live in an urban environment has increased exponentially. In fact, more than four out of five people may live in a city or town within a particular state, and this ratio is only likely to increase. You may find that you are on the move in this regard and have decided to live in the middle of the city rather than commute every day. If so, you may be getting ready to live in an apartment or what is also known as a multifamily development. What's different about this type of living?
Happy Neighbours
Certainly, you may have to change your approach to communal living, as you will now share some facilities with other people. As an owner, you will have some responsibility for overall management as well.
Other owners will have their own particular space, but you will all need to share gardens, the pool area, the parking garage and so on, as you go about your individual lives.
Full Engagement
While a strata management company will oversee the development and its day-to-day needs, you will still have voting rights and should make sure that you engage in this process. You will be notified about a general meeting and should make sure that you attend, as the matters discussed will directly affect you. In particular, you may need to discuss fees and other monetary matters that will likely be imposed after a majority vote.
Dealing with Issues
You also need to know what to do in the event of a problem. For example, water may leak into your unit due to an issue in another unit, and this will require a special type of approach. You should get in touch with the strata manager right away to make them aware of the issue and don't let the problem get worse so that it becomes a major problem. Try to negotiate with the other unit owner (if the source of the leak can be immediately discerned), but if this doesn't work for any reason, then you will need to turn to the strata manager for their action.
Pay up
You should also get used to paying communal fees on a monthly basis, as these are essential to help maintain the overall property in good condition. Try not to go into arrears with these payments, as you may not be able to participate in any meetings or may find access to common areas of the building to be restricted.
Being Prepared
Before you move into any particular development, talk with the strata management agency so that they can answer any questions you may have in advance.
Share14 December 2018
Hello there. I have spent my whole life in the same house. I inherited it from my parents, and I wouldn't want to live anywhere else. When I was a child, my parents referred to our town as a "seaside village". My how things have changed! These days, I live in centre of a major city with resorts and highrises all around. Seeing the transformation has been absolutely fascinating. As I've watched the value of houses around me skyrocket, I've developed a voyeur's interest in the real estate market. I love nothing more than browsing in a real estate agent's window, attending an open house or watching an auction. I know that this is a hobby for quite a few people as some of my neighbours join me on my "excursions". I hope that others with an interest in real estate will enjoy the casual observations recorded in this blog.
