Living in a strata scheme means:
- you own your unit or apartment as well as sharing ownership and responsibility for common property
- if you own your unit, you are automatically a member of the owners corporation which has responsibility for common property and makes key decisions affecting the strata scheme
- you contribute to the cost of running the building through paying quarterly levies
- you also have to pay money into a capital works fund, for future long term expenses such as painting the building or replacing guttering
- there will be lifestyle restrictions in a strata scheme.
Some of the key strata topics are:
- Buying into a strata scheme
- By-laws in your strata scheme
- Repairs and maintenance
- Frequently asked questions about strata scheme living
- Resolving disputes in strata schemes
Living in a strata scheme has a lot of benefits, view or download Fair Trading NSW’s guide – strata living guide (PDF, 1338.81 KB) for more information.