What you need to know about Sydney commercial strata
If you are living in the great city of Sydney, then listen up. Strata schemes are an integral aspect of Sydney – and understanding the ins and outs can help you make the best investment choices.
In this article, we will discuss the essential aspects of commercial strata management in Sydney.
What is strata?
Strata schemes are a method of portioning the lawful control of a property. It allows individuals to own sections while everyone shares common areas.
Commercial strata include properties such as offices, retail shops, factories, warehouses and storage units. Although the laws regarding strata schemes may differ per state, our licensed agents are entirely familiar with all local strata regulations.
Also known as the body corporate, it is a legal entity made up of the various lot owners. They are responsible for the communal areas such as lobbies, building exteriors, car parks, and pool areas.
Each strata scheme will establish and enforce its own by-laws. And some will be unique per property. These laws cover all sorts of things such as noise, pets, communal areas and more.
No by-law can be oppressive. But keep in mind that if reasonable regulations are in place and then broken, punishments can be applied.
Laws should create a sense of shared responsibility and harmony. These must protect both the individuals and the property, allowing maximum enjoyment for years to come.
Managing all aspects of a strata scheme costs money. Strata fees are consistent payments from lot owners to manage the maintenance of properties.
They are usually calculated based on the size of your lot. But other factors such as age and amenities will also have an impact. Additions such as pools, gyms, lifts and the like may increase the price, too.
Typically, there are three main types of levies. These are:
- Administrative fund – This covers the daily tasks such as cleaning, gardening and small maintenance issues.
- Sinking fund – Used for more extensive repairs or renovations (e.g., structural improvements, painting, plumbing and waterproofing).
- Special levies – This is for those unexpected costs that can pop up. They often supplement the payment for major building repairs or damages such as roof replacement.
When a decision is needed, by-laws implemented or changes decided upon, then a strata meeting is called. Owners will vote on specified items, either in person or by proxy.
Strata secretaries can accept motions if you wish to bring an issue up for discussion.
Managing a commercial strata scheme
You can always choose to self-manage your strata building. But this can result in poor management, missing information, costly repairs or dangerous accidents.
The best choice for commercial strata properties is the use of a qualified strata manager. Here at Strata & Co., we have the expertise and experience in managing commercial strata.
As one of the best strata companies in Sydney, we can properly manage all of the above sections. Even the organisation and running of important meetings, including record keeping, can fall under our duties.
After all, we offer the most comprehensive strata management services.
For more information about how we can assist with your commercial strata, call us at 1300 033 947 or visit our website and get a free proposal. Our friendly team is always ready to help.
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