What’s new for landlords
It’s a new era for landlords.
It’s now easier for you to have renovations approved, helping you to increase the value of your property. There are also new online options to vote and attend meetings, making it easier for you to stay informed about your investment property.
Owners must review their strata scheme’s by-laws by 30 November 2017.
Owners must review their by-laws of their strata scheme by 30 November 2017. Consider updates to your strata rules that can make your property easier to rent out (for example, new rules on pets or restrictions on nuisance cigarette smoke). Strata schemes can use the new model by-laws as a guide.
It is now simpler to get renovations approved, making it easier to increase the value of your property. Cosmetic changes that affect common property no longer need approval. There are also new streamlined approval processes for minor changes (for example, kitchen renovations), and major or structural changes (for example, renovations that require waterproofing).Read more about renovations.
New model by-laws are now available. These provide sample rules relating to keeping pets and dealing with cigarette smoke, which can help you when your strata scheme considers updates to its own by-laws. All strata schemes must review their by-laws by 30 November 2017. Landlords should consider what updates may make their property easier to rent out.Read more about by-laws
New online options for voting, meetings and distributing meeting papers makes it easier for you to be involved in important decisions about your property.Read more about online options for meetings and voting
Tenants can now be represented on strata committees (the committee responsible for day-to-day management) if at least half of the units in their strata scheme are rented. Tenants can also attend meetings of the owners corporation except when financial and certain other matters are being discussed.Read more about tenant participation
Owners can collectively sell and redevelop their block if at least 75% of the lot owners agree and if certain requirements are met. Each owner must have 60 days to consider the ‘strata renewal plan' and the NSW Land and Environment Court must check and approve all plans and approvals. All owners must receive at least market value for their property.Read more about collective sale of a strata scheme
Did you know? Some requirements that the new strata laws bring have transition periods built in. For example, pre-appointed strata professionals and members of the executive committee (now strata committee) can continue in their roles as part of transitional arrangements. Read more about transitioning to new requirements.
Information you must give new tenants
Tenants must be given a copy of their strata scheme’s by-laws within 14 days of signing a tenancy agreement. You must also notify the owners corporation of your tenant by completing a tenancy notice.