Coinciding with popular TV shows such as The Block, today’s Strata unit owners are more savvy about their investment, taking control and interest in managing the affairs of the whole building they live in, including the common areas they jointly own.
Commenced in the early 1960s as a form of property management devised for people living in unit blocks, townhouses and apartment buildings, today there are an estimated 120,000 Strata, Body or Owners’ Corporations in Australia. Mostly they manage the common areas such as stairs, lifts, gardens, car parks and the like, as well as organising building maintenance funds and insurances.
“An active Owners’ Corporation or Strata Group will enhance each owners’ investment more than an inactive one,” said Our Body Corp Managing Director, Kate Gould. “In fact, a dormant Owners’ Corporation is actually in breach of the law by being inactive.
“To comply with most State Strata and Community Corporation laws, owners must keep records of meetings, maintain appropriate insurances, and oversee future maintenance funds. Failure to do these simple things will put individual owners at odds with the law."
Lia de Sousa of Whitbread Insurance Brokers said it is estimated that 40% of Body Corporates in Australia are either inappropriately insured, or not insured at all.
“Most state laws require owners to have insurance cover for all common areas, as well as public liability insurance,” said Ms de Sousa.
Our Body Corp empowers owners through a do-it-yourself, online strata management portal. Among the tools offered are strategic alliances with service providers to the strata community. Our Body Corp and Whitbread Insurance Brokers are now providing online resources and information for lot owners, helping the new breed of savvy strata owners.
Both Kate Gould and Lia de Sousa know that the best way to protect and enhance a strata owner’s investment is to get active on the Strata Committee; ask the right questions, and seek advice from the right people. By doing this, lot owners are empowered to make better decisions about their most significant asset, giving them peace of mind.
More information contact Rainer Jozeps at Our Body Corp on 0412 222 807.