A strata title is a great option if you are looking to purchase a home with minimal upkeep and the support of a Strata Manager for the day-to-day maintenance of common areas. We are here to simplify the process for you by explaining everything you need to know about the strata fee you pay in Western Australia with a strata title.
The strata fees you must pay may feel like an additional cost to consider. However, they will save you money in the long run as they cover the cost of repairs, maintenance and any replacements required for the common property areas of the strata title. The fees are broken down into three different categories, typically invoiced quarterly.
These fees cover the expenses involved with the day-to-day management of the strata. Some of these expenses include cleaning, gardening, insurance, utility bills and small maintenance works. These are expenses you would be required to pay as the sole owner of a non-strata property. In strata ownership, the administration fees are split between all owners.
Many homeowners set aside funds for major repairs of their homes as it can be quite costly and sometimes unexpected. Reserve fees cover any major maintenance works required for the strata, including wall repairs and carpet replacement. If your strata title is a new development, you might not expect any major repairs for some time, however, these fees build up a fund that can be used for any major maintenance work that is required.
You may have an emergency fund to enable you to pay unexpected medical bills for yourself or members of your family. The special fees act similarly, by anticipating any unexpected maintenance the building requires and preventing you from negatively impacting your home budget.
The exact strata fee amounts are determined by the Strata Company. Your Strata Manager will assist with calculating how much money per quarter is needed to cover these maintenance costs. Once selected, the budget is presented to the owners for approval.
As you can see, these fees contribute to the many costs of managing and maintaining a property, saving you money in the long run. Got more questions about strata fees? Give us a call at 08 9362 1166 or email us at email@example.com. You can also learn more about strata by visiting the News and Resources page on our website.