Why it pays to assess the detail if you own a Strata Title property

20-Oct-2014

All too often property investors pay little attention to the detail contained in the Agenda and Minutes of the Strata Plan in which they own a Lot, we see it day in and day out.

We strongly urge you to scrutinize your Annual General Meeting agenda and participate in the meeting if possible. 

Why? Because quite often decisions are made at the meeting that can result in changes that may affect you including increased strata levy costs. If you are unable to attend the meeting, ensure you read the Minutes so you are aware of any decisions that were made during the meeting. It is also important to ensure that you are actioning your owner's voting rights in terms of interest in common property, the distribution of surplus monies and each owner's individual entitlements.

If you are unable to be present at a meeting fill out your proxy form clearly stating how you wish to vote and send someone to proxy on your behalf.  This may be your Managing Agent, a family member, friend or someone you trust in your Strata Plan.

Being aware of what is happening within your Strata Plan allows you to potentially save a considerable amount of money and have a direct say in the future direction of the Strata Plan and how it affects your investment.