Buying a strata property is a great way to get things on the cheap. There are various benefits that you get from this kind of arrangement. You get a say in many of the rules that are in place and it’s managed by some very capable companies. Unfortunately, there are a lot of things that people don’t understand within strata management. Luckily, it’s not as complicated as it seems.
1.What exactly am I buying?
A lot of people get confused by strata management because they aren’t sure what belongs to them. It’s quite simple when you get down to it. You have two different areas to consider in a strata scheme. The part of the strata scheme you own is called a strata lot. It encompasses everything within the apartment that is located within the four walls.
On the other hand, you have what is called “common property”. Everything that isn’t located within your lot and the lots of other tenants is part of the common property. This includes things like hallways and parking lots. You can think of it as everything that isn’t technically living space. However, some exceptions are made for the good of the building.Terraces and balconies are still considered common property despite being a part of your living space.
2.Who manages things around the building?
The management surrounding strata can be a bit complex to understand. You have several governing bodies. The owners corporation consists of all the different lot owners in your building. If you are a lot owner, it’s very likely you are already part of an owners corporation. Together you help manage the common property of the building and help make it livable. Some smaller decisions and responsibilities rest on your shoulders.
You also have body corporate, which is the owner of the building. They make most of the actual governing decisions that surround the whole strata scheme.
3.Who do I call for help?
Just like in any building, it’s very likely that you will run into the occasional problems. For general issues with your lot, it would be best to contact the owners corporation. Things like leaks in your plumbing and problems with light fixtures are best left to them. They will likely decide to help and call in an expert to solve the issue at hand.
When it comes to disputes between neighbours, there are several things you can do. Polite talks are a start. If that doesn’t work, you should discuss it openly with the owners corporation. If you feel that they have taken the wrong side in the argument, you should seek help from strata management services in order to resolve things. Ultimately, they might send a mediator to provide an unbiased third perspective.
4.What am I allowed to do?
When it comes to rules in strata schemes, it can become quite messy to discern what counts and what doesn’t count. You have several different sources for the various rules. For starters, you have basic common decency. Obviously, you can’t start a fire in your apartment.
When you consider rules from higher-ups, you have what are called by-laws. These aren’t exactly laws in the real sense of the word, but they are still rules you should follow within your lot. These are created by the two governing bodies of strata schemes. They are subject to changes all the time and they vary from one strata scheme to another.
Finally, you have actual laws that exist within the government of your state and country. Your strata management can’t impose draconian laws over you because there are laws that supersede them. If their by-laws are particularly cruel, you can simply decline to follow them because the law doesn’t allow these kinds of rules.
Before you purchase a strata property, you will want to educate yourself on the various aspects of the system. The good news is, you have a lot of sources on the internet that are happy to explain the whole story. If you move in without knowing all the facts, it could lead to some unpleasant situations. If you follow some of these pointers, you’ll have a good time in your strata lot.