What you need to know about Sydney residential strata
Throughout Sydney, residential strata schemes play an important role. That is why you need to understand the ins and outs to guide you in making the best living choices.
In this article, we will be discussing integral information regarding residential strata management in Sydney.
What is strata?
People living on strata schemes are allowed to have lawful control of a property. This means that individuals may own and use a certain section and everyone can share the common areas.
Residential strata are properties where people reside in, whether permanently or temporarily. Although strata laws may not be similar through all states, our qualified agents are entirely knowledgeable about all local strata regulations.
Knowing the rules
Since multiple residents will be using the property, it is crucial to have by-laws in place that protect all areas of the strata as well as the people.
In every strata scheme, certain by-laws will be established and enforced – and some of these will be unique to each property. These will cover all aspects such as noise limitation, regulations for pets, use of communal areas and more.
Knowing the by-laws aim to build a sense of shared responsibility and harmony among tenants. It also safeguards both the people and the property, allowing maximum use for years to come.
Types of strata fees
To manage all aspects of a strata scheme effectively requires money. These are regularly paid by all tenants to aid in the maintenance of the entire property.
Strata fees are generally calculated based on your lot size. However, other factors such as age and the amenities available will also impact the amount to be paid. This means that pools, gyms, lifts and other facilities can increase the price.
Mainly, there are three types of fees. These are:
- Administrative fund
- Sinking fund
- Special levies
Administrative fund is used for regular tasks such as gardening, cleaning and minor maintenance issues. While sinking fund covers more extensive repairs and renovations including painting, plumbing, waterproofing and structural improvements.
For special levies, this is reserved for unexpected instances that may occur. Often, they are used to fund major building repairs such as roof replacement.
When thinking about what services you should obtain for your strata building, there are some critical areas to consider.
- Insurance – Having solid strata managers who can cater to all your insurance needs is a huge asset.
- Accounting – Ensuring all your finances and payments are organised, tracked and followed up will enable you to stress less and reach targets.
- Secretarial – Having organised and effective communication streamlines your processes.
- Repairs and maintenance – It can be a hassle dealing with inspections and workers. Still, good strata managers are more than capable of handling these issues.
Managing a residential strata scheme
You can always consider managing your strata building yourself. However, this may lead to poor management, loss of information, expensive repairs or dangerous accidents.
Hiring a qualified strata manager is the best choice for residential strata properties. At Strata & Co., we have the expertise and experience in managing residential strata all throughout Sydney.
Our team can properly manage every aspect of strata living. We can even assist in the organisation and running of important meetings, including record keeping. We offer the most comprehensive residential strata management services all over Sydney.
For more information about how we can help you with your residential strata, give us a call at 1300 033 947 or get a free proposal from our friendly team through our website.
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