Living and Owning in a Strata Development

When you own a unit in a Strata development your obligations will be different to those of a traditional landlord.
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When you own a unit in a Strata development your obligations will be different to those of a traditional landlord. A complex often has multiple owners, and each has their own interests at stake.

The day to day running of your Strata, administration, finance, and legal commitments all need to be considered. To make the process more streamlined, an Strata Company must be formed.

This corporation is made up of all the unit owners, and there are laws the members should follow. The Strata Titles Act 1985 and any state by-laws will be the reference point to ensure any matters and developments are dealt with appropriately.

The Strata Company will appoint a Council of Owners made up of a selection of owners who will oversee shared areas in the Strata. This committee can implement any decisions and are responsible for administration and maintenance. A Strata manager can be involved in these processes.

Meetings are vital to the success of a Strata development, as they give interested parties the opportunity to discuss any issues associated with their properties. The Strata Company meet each year at an Annual General Meeting. Any regular administration will be the responsibility of the Council of Owners, or the Strata manager.

Functions that should be maintained regularly include meeting notices, financial obligations and reporting, administrative support, Corporate Register, and repairs and maintenance of shared property.

As an owner of a unit in a Strata development you will be responsible for a portion of the financial obligations. The budget is presented each year at the Annual General Meeting and approved by all members. The levies are divided amongst the relevant parties, and will cover the following year.

There will be a number of ongoing costs to consider and these include management, repairs, maintenance, water usage, electricity, landscaping, gardening, and cleaning. These levies are related to shared property and not individual unit expenses.

Any money collected will be kept in a joint bank account for all members of the Strata Company. Financial statements, records, profits and expenses should be compiled and shared at the Annual General Meeting.

Each member may have a different levy. This is because expenses are based on the value of your unit, which is assessed by a professional valuer.

Insurance needs to be taken for a range of items including building, public liability, catastrophe, and worker’s compensation. Strata Company is only responsible for insuring shared areas, so it is highly encouraged any unit owners take out additional coverage for their individual property.

Platinum Strata Management can take care of the management of your complex. The best interests of the owners is a priority and we will ensure any legal, financial, and administrative tasks are completed efficiently and expertly. Contact us today for more information.