Fund for the future

Under new strata laws, apartment buyers will be able to check whether big bills await.

A stitch in time saves nine goes the adage. It has never been more relevant than it is now to Sydney apartment owners.

The first buildings due to meet the new Strata Schemes Management Act requirement to have a 10-year sinking-fund plan, passed last year's deadline without major drama. But given that they are the youngest buildings in the staggered introduction of the law, the trouble-free start is not surprising.

The challenge will increase with age. Buildings due to face this year's July deadline date, built from 1985 to 1995, are likely to face more pressure, as are their older counterparts which need to comply by 2008 and 2009. Building owners who have let things run down will burn.