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Strata Management

What are my responsibilities if I own a property in a strata community?

By September 17, 2021No Comments

Strata community living is a popular option when purchasing property as it provides a low level of upkeep given the nature of community living and shared cost.

This, combined with smaller areas to maintain and the use of common facilities, can make strata title schemes an attractive option for many people. The consideration process when purchasing any type of property is often an in-depth and well-thought-out process, so you can make the best decision about the particular property and whether it is right for you.

There are many benefits of living in a strata community, here’s our top five you can add to your checklist when considering strata living;

Lower purchase price

It is often that strata titles can be a great way to enter into the property market with the shared cost in facilities which is comparatively less than the cost of buying into non-strata freehold title properties.

Community living

Strata title schemes offer housing with a community atmosphere.
Residents who get to know their neighbours and socialise, often come together to form strong and co-ordinated Councils, resulting in an effective strata scheme.

Facilities

Strata schemes may have shared facilities seen in more modern properties such as pools, BBQs and gyms.

Shared cost

You can share the cost for items such as insurance, general repairs, and utilities; amongst all owners. This means people can purchase better quality housing, or choose to live in a more sought-after area, than in non-strata freehold housing.

Strata fees generally fall under two areas:

  • An administrative fund for ongoing maintenance, pest control, cleaning and other daily expenses
  • A reserve fund or commonly known as a sinking fund for long-term future expenditure on major repairs or improvements.

Guidelines

Each strata company has a set of by-laws, also known as governance and conduct by-laws. Your strata company may even have its own set of by-laws that have been written for that particular scheme. Visit our Knowledge Base or get a copy of the standard by-laws.

Strata title can certainly hold financial advantages compared to freehold title, via lower purchase cost and shared upkeep costs. However, it is important to recognise that it is a shared property where cooperation is needed and a commitment to the strata rules and financial obligations is essential for content strata community living.

Above all, strata living is about the positive connections that are made, where small communities are built.

Exclusive Strata Management’s experienced strata managers can provide a variety of professional services as requested to ensure that the daily operations of your strata property run as smoothly as possible, Click here to contact us today.