Unlike a standalone home, buying a strata property means purchasing an individual lot while also becoming part of an owners corporation with shared responsibilities. For new owners, there are a few practical realities that may only become apparent after settlement.
A strata purchase means buying into a community, a budget and a legal framework. It is a popular choice in NSW thanks to urban density, affordability and convenience. However, there are important things to consider before signing any contracts
If you’re wondering what a strata report is, it’s a collection of records that outline how a scheme is run. They tend to come up when someone’s looking to buy into strata, but the insights they offer are just as useful long after the contract’s been signed.
Thinking of an investment property, a new apartment, a unit, or downsizing? Be sure to obtain a strata report before buying. ASSM is a strata management expert and your partner before investing in an owners corporation.
We provide Australia’s most professional and comprehensive strata management services across Greater Sydney and other parts of NSW. Our expertise spans residential, community, commercial and industrial strata schemes. It’s easy to switch to All Suburbs Strata Management. See the extensive range of suburbs our certified strata managers oversee below.
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Strata levies contribute towards the expenses associated with running and maintaining the scheme. Depending on the property, these can include common property maintenance, cleaning, gardening, insurance, utilities for common areas and administrative fees. Contributions are usually calculated according to unit entitlement.
In NSW, strata finances are divided into an administrative fund for recurrent expenditure and a capital works fund for major common property expenditure over a longer period. This means some of the money collected through levies is being set aside for costs the scheme expects to face later rather than being spent immediately.
Not necessarily. Different properties have different costs, facilities, ages and requirements, so levy amounts can vary considerably between schemes. Low contributions could reflect genuinely low expenditure or leave the owners corporation short when unexpected costs occur, while higher levies may be funding known future requirements.
Responsibility depends on whether the affected area is part of an individual lot or common property, and that distinction may not always be obvious to a new owner. If common property needs repair in NSW, owners should contact their strata manager or strata committee rather than automatically organising the work themselves.
Meeting records can provide useful context about expenditure, maintenance, approved works, voting outcomes and matters that still require attention. Information supplied before a meeting can also help owners understand the agenda, ask relevant questions and think through the implications of proposals being discussed.
Every lot owner becomes part of the owners corporation, which is collectively responsible for the scheme. The strata committee is elected to handle many daily operational matters on its behalf, while the strata manager performs functions delegated to them. Understanding these roles helps new owners know who to approach with different questions or requests.
