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There are often cases, particularly in older sectional title blocks, where units will need modernising or upgrading in some way or another.
The requirements now necessary with regards to sectional title maintenance of major capital items as per the Sectional Title Schemes Management Act (STSMA) are there to create a more formalised and long term view with regards to maintenance, which in turn will create a need for better budgeting and financial management, says Michael Bauer, general manager of property management company IHFM.
Share blocks can be complicated to run as they are classed as companies, and each owner of a unit has shares on the company.
Those who live in sectional title schemes and pay their levies on time are not affected by the interest rates charged on overdue levies, but those who habitually pay late will probably be hoping there is a maximum percentage of interest set by law on overdue accounts
Taking issue with residential property economists who have been advocating renting rather than buying, is Michael Bauer, general manager of IHFM, a property management company