Managing a 2-Lot Strata Scheme: What Makes It Different?
A 2-lot strata scheme, often seen in smaller properties like duplexes, is managed differently from larger strata schemes. Here’s how:
1. Simpler Governance: In a 2-lot scheme, there’s usually no need for a formal strata committee. Decisions are made directly between the two owners, making management more straightforward and flexible.
2. Quorum Requirements: In New South Wales, a quorum for a 2-lot scheme is simply both owners being present. This unique rule simplifies the decision-making process, ensuring that both parties are always involved.
3. Streamlined Financial Management: Financial management is less complex, with owners sometimes sharing common expenses directly instead of maintaining separate funds.
4. Lower Responsibilities: Smaller schemes often require far fewer repairs and maintenance, meaning that with the help of a strata management company, keeping your investment in top condition shouldn’t cause too many headaches!
At QT Strata, we have extensive experience managing 2-lot schemes, particularly in areas like Albury/Wodonga, where many properties are smaller. We can help ensure smooth management and compliance with local regulations.
Need help managing your strata scheme? Contact QT Strata today to learn how we can make it easier!