It is important to be aware of your responsibilities and obligations when you own or live in a strata unit.

 

Strata schemes are small communities where the actions and attitudes of residents can have a substantial effect on the enjoyment of others. 

 

Strata living is not the same as living in a house but can provide a friendly community atmosphere.

 

Living in a Strata scheme you may find restrictions e.g. renovating, car parking, hanging your washing, pets etc.  Understanding these restrictions before buying can assist in reducing the possibility of disputes in the future.

 

The key features as outlined on the NSW Fair Trading website reads as follows:

 

• You own your unit or apartment as well as sharing ownership and responsibility for ‘common property’

• If you own your unit, you are automatically a member of the ‘owners corporation’ which has responsibility for common property

• Every 3 months you have to contribute to the cost of running the building through paying quarterly levies

• You also have to pay money into a sinking fund, for future long term expenses such as painting the building or replacement of guttering

• Compared to living in a freestanding house, there will be lifestyle restrictions in a strata scheme, for example there are rules (by-laws) that may affect you doing renovations to your unit, that state where you can and cannot park your car, where you can dry washing or whether or not you can keep pets.

 

Every strata scheme should be managed according to the principals of good corporate control.  At Integrity Strata Management, we’re committed to working with all our owners to help make sustainable strata a reality.

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Strata owners need to realise that strata schemes, just like any other property or investment, require a proactive management approach with a vision for the future.

 

Astute buyers are looking to purchase in strata schemes that:

 

• Are well managed

• Have a proactive approach

• Have a strong sense of community

• Have a co-operative, harmonious culture

• Have a practical and environmentally responsible attitude 

 

Over time, this will translate into higher demand for units in these schemes and therefore higher real estate resale values.