Many people enjoy the ease and convenience of strata living, but when it comes to a strata-titled property you should be aware of the rules and responsibilities of owning and living in a strata unit.
While strata living allows for a close, community style setting, remember that living in a strata scheme as opposed to a freestanding residential building is very different. Before committing into a strata scheme, it's important to understand the changes you are likely to come across, to help reduce the likelihood of disputes and problems later on.
- You will automatically become a member of the owner’s corporation if you own a unit in a strata scheme. Note that owner’s corporation has responsibility for ‘common property’.
- You will own your unit or apartment, and share ownership and responsibility for ‘common property’. Common property are areas belonging to all members of a community, including building exteriors and windows, stairs, lifts, driveways, gardens, recreational facilities, etc.
- You will have to pay levies and contribute money into a sinking fund to contribute to expenses of running the building, and for future long term expenses.
- Some activities may be restricted in a strata scheme, as certain rules (by-laws) can affect renovations, areas to park, and whether you can have pets in your apartment.
For further information on strata schemes and strata living, please feel free to contact one of our knowledgeable Sydney Strata Managers via our contact form, email or call +61 8065 6575. We will be happy to assist in answering all your strata queries.