Buying a property in a strata complex is a popular choice in Perth, offering a blend of community living, lower maintenance responsibilities, and shared amenities. However, understanding how shared common areas function is crucial for anyone considering this type of ownership.
Whether it’s a shared garden, a swimming pool, or parking spaces, there are specific rules and responsibilities tied to these communal facilities. In this blog, we’ll explore the importance of understanding strata bylaws, the role of a good strata manager, and how a settlement agent can assist you during the buying process.
What Are Shared Common Areas?
In a strata complex, common areas are spaces or facilities that are shared by all unit owners. These can include:
Gardens and landscaped areas
Swimming pools, gyms, or recreational facilities
Lobbies, hallways, and stairwells
Driveways and parking areas
Shared infrastructure, such as elevators or lighting
The management and upkeep of these common areas are handled collectively, funded by strata levies paid by each owner. These levies cover routine maintenance, repairs, and sometimes the costs associated with larger upgrades to shared facilities.
The Importance of Bylaws in Strata Living
One of the defining features of strata living is the presence of bylaws - rules set by the strata company to manage the complex and maintain harmony among residents. These bylaws can cover a wide range of issues, including:
Noise Restrictions: Maintaining reasonable noise levels to ensure a peaceful environment.
Pet Ownership: Rules regarding whether pets are allowed, and if so, any conditions attached.
Parking: Regulations about how common parking spaces are used.
Renovations: Guidelines for any alterations owners wish to make to their units, particularly those affecting shared walls or structures.
Understanding these bylaws is crucial before purchasing a strata property, as they directly impact your lifestyle and what you can or cannot do with your unit. Bylaws are legally enforceable, and breaches can result in penalties or disputes with other owners.
The Role of a Strata Manager
The strata manager plays a vital role in overseeing the day-to-day operations of the strata complex. Their responsibilities typically include:
Managing Financials: Collecting strata levies, managing the strata company's budget, and ensuring there are adequate funds for ongoing maintenance and repairs.
Maintaining Common Areas: Coordinating routine maintenance, repairs, and upgrades to common property.
Facilitating Meetings: Organising and running strata meetings, including the Annual General Meeting (AGM), where owners can discuss issues, make decisions, and set budgets.
Ensuring Compliance: Ensuring that the complex complies with relevant legislation and that owners adhere to the bylaws.
A good strata manager is key to maintaining the value of the property and ensuring that the complex runs smoothly. They act as a neutral party to mediate disputes and help maintain a positive living environment for all owners and residents. When purchasing into a strata complex, it’s wise to research the reputation of the strata manager and understand how well the complex is maintained.
How a Settlement Agent Can Assist You
Buying a property in a strata complex can be more complex than purchasing a freehold property. This is where the expertise of a settlement agent comes in. In Western Australia, a settlement agent can help you navigate the specific requirements of strata ownership, ensuring you have all the information you need to make an informed decision.
Reviewing Strata Documentation
Your settlement agent will review all relevant strata documents, including:
The Strata Plan: This details what is common property and what is part of your individual lot.
The Bylaws: These govern how the property is managed and any restrictions you’ll need to follow.
The Strata Company Records: Reviewing meeting minutes, financial statements, and any upcoming maintenance or special levies will give you an insight into how the strata complex is run.
Understanding Financial Obligations
Strata living involves financial commitments beyond the initial purchase price. In addition to regular strata levies, there may be special levies imposed for unexpected repairs or significant upgrades to the complex. Your settlement agent will help you understand these potential costs and what they mean for your budget.
Ensuring Compliance and Peace of Mind
The settlement agent’s role also includes ensuring that the strata property complies with all legal requirements, and that there are no outstanding issues, such as unpaid levies or unresolved disputes, that could impact your ownership.
Key Considerations for Strata Buyers in Perth
Understand Your Rights and Responsibilities: As an owner in a strata complex, you have a say in how the property is managed, but you also have responsibilities, including adhering to the bylaws and contributing to the upkeep of common areas.
Assess the Strata Manager’s Quality: The effectiveness of the strata manager can significantly impact your experience as an owner. A well-managed complex is more likely to retain its value and provide a comfortable living environment.
Be Aware of Ongoing Costs: In addition to strata levies, consider the potential for special levies or increased contributions for major works. It’s important to factor these into your long-term financial planning.
Buying into a strata complex in Perth offers many benefits, including access to shared amenities and a more low-maintenance lifestyle. However, it also comes with unique responsibilities and a different set of considerations compared to freehold ownership. Understanding the bylaws, the role of the strata manager, and your financial obligations is key to making an informed decision and enjoying your new home.
At Adaptive Settlements, we’re committed to helping buyers navigate the complexities of strata ownership. From reviewing strata documentation to ensuring compliance with regulations, our team is here to provide the support and guidance you need for a smooth and successful settlement process.
If you’re considering purchasing a strata property, contact us today for expert advice and personalised service.
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