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Owners Corporation’s Role in Sustainability

28 June 2021 | Owners Corporation

As we move towards a more environmentally conscious approach in the real estate industry, more and more developers are creating eco-friendly projects that focus on sustainability in properties.

The focus on sustainability comes both from the buyer’s perspective and the developer’s perspective, in fact, some developers have sustainability as one of their core values and approaches moving forward.

Positive Impacts of Sustainable Approaches

There are many different ways that sustainable approaches can impact the residents and environment positively. Environmentally conscious homes can reduce energy wastage and create a more aesthetic appeal to the property.

However, there is another perspective to acknowledge…

The Impact of Sustainable Approaches on Owners Corporations

Despite these positive impacts, these sustainable developments can impact owners’ corporations due to the upkeep these initiatives require. It is common for developers to have a lack of understanding on the amount of maintenance these sustainable initiatives cost. Therefore, it is crucial for owners to understand the logistics of these initiatives and have the correct system to maintain them long-term.

A very common example is the trend of rooftop or balcony gardens implemented upon development. These gardens present both an aesthetic appeal as well as provide a healthy living space and can create opportunity for further environmental and social benefits for residents.

However, if these gardens are not maintained properly, the value of the initiative decreases over time and this also results in additional, usually expensive, works for the landlords over time.

The Role of an Owners Corporation in Sustainable Projects

First and foremost, the Owners Corporation is essential in communicating with developers and providing input on sustainability initiatives. From here, the Owners Corporation can also prepare long-term maintenance plans and allocate an appropriate and practical budget for each plan. It is important that Owners Corporations realise their role in the development of sustainable initiatives, as they become the key communicator between developers, owners and residents.

Meadows Property Group works with a number of developers that specialise in the area of sustainability and can help you navigate these new initiatives as an Owners Corporation.

 

Meadows Property Group’s Owners Corporation service is located in South Yarra, Melbourne.

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