Are you thinking of buying into a strata company? Do you already own a strata property but want to know more about how it all works?
Strata law can be quite complex and there are many myths floating around about what is involved and what you are up for! We decided to bust a few strata myths so you can have a good understanding of how it all works.
Myth 1: All strata fees are directly paid to my Strata Manager
As part of the strata title, you, along with the others who form the strata company, are required to pay strata fees or levies. These contribute to the entire running of the strata complex including building maintenance, common property utilities and periodic or unexpected repairs. A small portion is paid to the Strata Manager as a fee for helping you run the strata complex. Performing tasks such as managing the finances, raising levies, coordinating maintenance and chairing AGMs.
Myth 2: Being part of the body corporation has no impact on me
As a member of the body corporation, you cannot choose whether you are involved in issues dealt by the body corporation. When you own a strata-tiled property, you automatically join the body corporation. This is group of people who make decisions about the strata title. This is your responsibility as well a great opportunity to be influence the decision-making process, which can help improve the value of your property.
Myth 3: Self-managing my strata saves me money
This is no guarantee. Some self managed strata save the owners money, as there are no strata management fees but it also can be much more expensive in the long-run. If you are considering self-managing the strata, we recommend taking a good look at the necessary processes and legal issues of strata management.
Myth 4: No pets are allowed in strata properties
If you have pets, do not think that strata is not for you. Pets are not banned at all strata properties. It will depend on each strata’s by-laws which typically include laws about pets specific to the strata title.
Myth 5: By-laws and building rules are set in stone and cannot be changed
The by-laws and building rules are not set without the body corporation. They are mutually agreed rules for the individuals living in a strata property. The intention behind them is to ensure every occupant has a clear understanding of what is expected of you and to promote harmony among all occupants. If you would like to update any laws or rules, you can file a motion at an Annual General Meeting (AGM).
Click here, to read more about by-laws.
Want to learn more? Click here to read our article titled “What is Strata Title”.
If you still have questions about strata, contact us at email@example.com or on 9362 1166.