Buying an apartment or townhouse in a strata building places you in a different situation than owning your own home. Effectively, it means you own the walls of your home and everything inside them, but still have responsibility for some of the shared spaces in the building. This situation can be confusing — what is your responsibility when it comes to home insurance, parties, or even garbage disposal?
1. Laws
The first thing you need to know is that some of the rules in your building aren’t just rules, they are laws that apply to everyone in the same situation as you. Your strata manager should be able to tell you the laws that may impact you in your building. Keep in mind things like loud parties and normal noise laws. Your neighbors have the right to peaceful enjoyment of their property, just like you do!
2. Regulations
In addition to the laws, your building may have its own set of rules and regulations that govern practices. This could be anything from the times you are allowed to use the pool, through to when you can move in or out, or if you can store items in your carpark. It is in your best interest to obtain a copy of the rules when you move in so you don’t find your first few months uncomfortable.
3. Shared spaces
While your home is your home, the building will contain shared spaces, such as swimming pools, barbecue areas or gardens. Ensure you are respectful of these shared spaces, as any damage to them will not only mean issues with your neighbors, but repairs from your pocket.
4. Upkeep
The great benefit of a strata building is that upkeep of shared spaces is not your responsibility — this is what your fees pay for. Unless otherwise explained, you do not need to mow the lawns in shared spaces, maintain tennis courts, put chlorine in pools or any other of the myriad of jobs you would need to undertake if you purchased a home.
5. Garbage
Garbage disposal is also generally centrally managed in a strata building, ensure your responsibilities are met by placing your garbage in the appropriate bins and using the disposal shoots correctly.
6. Problems
Any problems in the building should be immediately reported to the strata manager so they can address it — the longer you leave an issue, the worse it may get and the more it will dip into the strata fund to fix.
7. Strata fees
While all of these great benefits come with a strata building, they do come at a cost. You will need to pay strata fees quarterly, these are generally based on the square meterage of your own space. Strata fees can rise, however you should have the opportunity to contribute to decisions through strata meetings.
8. Insurance
When it comes to insurance, the exterior of the building should generally be insured as part of the strata a costs, however you are responsible for your own assets through content insurance.
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