Many of us like the idea of downsizing and moving into a unit complex that has the amenities we would like to enjoy without all the hard work that goes with it.
For instance, many larger complexes have barbeque and entertainment areas, a gymnasium, swimming pool and even a sauna.
If you are so inclined, these are great to have close by as it is the perfect way to meet your neighbours and do a little networking.
What may be the fly in the ointment are buzz terms such as sink fund, administrative levies, special levies, committees, by-laws, committees and meetings.
Whilst these may be new terms to you they are not that complex to someone who knows what they are doing. We believe it’s a pretty easy process to learn.
WA Strata Management have put together a précis of things that are essential for you to know, whether you are a strata property owner or are considering becoming one.
All the levies mentioned above may or may not form part of your strata agreement. There will most definitely be what is commonly called a body corporate fund.
This fund is designed to manage the running and upkeep of the shared amenities such as the bonuses we mentioned above, but also such things as the gardens, driveways and lifts if there are any, amongst others.
Other levies may be instigated from time to time and will always be discussed at the regular meetings that all owners are invited to attend and participate in.
Committees and Meetings
Strata meetings will be held on a regular basis to discuss issues and make decisions regarding the running and maintenance of the building/s and grounds.
All owners or their representatives are invited to attend and are entitled to vote on each issue.
A Committee is usually appointed from the pool of owners but may include the services of an outside source such as ourselves.
The inclusion of a strata management company such as WA Strata Management allows for the day to day management and running of the property in capable hands.
The other advantage is that because this is all we do, we bring a wealth of industry experience and have a very broad understanding of the by-laws that revolve around this style of housing.
Don’t get freaked at the term by-laws. This is simply a list of rules that each and every occupant is expected to abide by.
By-laws cover everything from how the rubbish is dealt with to visitor parking, noise restrictions, and hanging washing on the balustrades.
They will also include guidelines on any renovations and refurbishments to your own property.