Security in Strata Buildings?
When dealing with a new development, one of the the first assets LUNA is interested in scrutinising is the security system, specifically the Closed-Circuit TV (CCTV).
Strata Committees are pulled in many directions with regards as to where to tighten budgets or invest, and this can often stall decision-making and progress. Numerous options placed on the table and/or large upfront costs can paralyze Strata Committees; however, no blame can be placed for careful consideration. More careful consideration when decision-making is crucial - not only to result in the best outcome given the current conditions - but also to help insulate the Strata Committee from any criticism that can follow on from taking specific actions.
If you own a home in a Strata Building, to maintain the value of your asset, your top priority should be residential and community safety.
A comprehensive CCTV system in your complex primarily acts and serves as a deterrent to crime. However, there are many other benefits which include minimising, and sometimes eliminating, the following:
- By-law breaches
- Visitor carpark abuse
- Unapproved move ins/outs
- Misuse of ground facilities i.e. pools and gyms
- General damage to common property (e.g. by deterring those with malicious intent)
- Unnecessary costs of repair
- Operational costs
Communities should feel safe living in their homes within Strata Buildings. The positive effect of prioritising safety and security is that residents and communities feel protected. This reduces stress and makes for a happier existence for all.
Heightened security systems also build on your initial investment. Surveys have shown that Strata Buildings offering solid security are perceived by potential buyers’ as being safe, which is a significant contributing factor in them deciding where to purchase and live. It can also means longer tenures for tenants and ultimately better returns on rental properties.
Residents living in a secure Strata Building are constantly reminded of the advantages. When crime, violence, and abuse of common property drops, the vibe of that community becomes more positive, and people play a more active role in looking out for one another. Providing a safe space is the number one priority, but the spin-offs can be just as important when considering the protection of assets and wellbeing of all tenants.
Having insufficient, outdated, malfunctioning, or no CCTV whatsoever is like forgetting to install a lock on the front door on your apartment. Protect your investment and community by prioritising security in your Strata Building so that you can call your apartment ‘home’.