The strata fees essentially cover everything that will ensure your property and the building remains in good shape for use by the owner/tenant. The management's responsibility is to pay for these expenses, including maintenance, insurance, management fees, repairs and upkeep of utilities.
Strata fees are mandatory contributions paid by owners with properties located in a unit, villa, townhouse or duplex complex. The amount paid can vary from building to building.
If you buy into strata, you not only own your property, but you also share the ownership of common property such as gardens, fencing, pools and elevators. As an owner, you automatically become a member of the owner's corporation, which has responsibility for making key decisions how your strata run.
A townhouse is a multi-level building designed to mimic a traditional house that is owned on a strata title. This means you own the dwelling but share the land with other people.
A townhouse is a multi-level building designed to mimic a traditional house that is owned on a strata title. This means you own the dwelling but share the land with other people.
Townhouse owners usually own the land on which the house is situated, including any front and backyard area that goes with the residence, no matter how small. They also own their home's exterior. Additionally, townhouse communities generally have homeowner associations (HOAs).
Living in a strata community has its advantages. One of the most significant benefits is access to shared amenities. Many strata communities offer facilities such as swimming pools, gyms, retail stores, and communal gardens that would be difficult or expensive to maintain in a single dwelling.
If pests are present before a tenant begins their stay, then it is the landlord's responsibility. In strata schemes, this may lead to the body corporate getting involved and having to organise a solution. However, if pests are a result of the actions of the tenant, then the responsibility falls on them.
Strata properties generally sell for less than freestanding homes. This should lead to capital growth over time, assuming you make wise investments. You will pay a strata levy each quarter alongside everybody else who owns a property within the complex. This divides large maintenance costs across several people.
There's no fixed standard for Strata Levies, which vary from scheme to scheme depending on how many communal facilities it has and other factors. In New South Wales, average Strata Fees can be anywhere from 0.3% to 1.2% of the property's value (0.8%–1.2% with facilities, 0.3%–0.7% without facilities).
Strata schemes
If you live in a strata scheme, you own an apartment or lot, but you also share ownership of all the building's common areas along with other tenants.
Strata properties fall into one of three main categories: residential, commercial or mixed use. Each has its own rules and considerations.
Townhouses often have a higher rental yield compared to standalone houses because of their relative affordability and overall desirability from renters. Furthermore, investing in a townhouse can help buyers acquire a property in a prime location, which can attract quality tenants such as young families and couples.
Depending on the age and condition of the building, some schemes will require a substantial capital expenditure over a period of time to ensure the building remains code compliant and safe for residents and visitors. Older buildings will require more maintenance and repairs, which may result in higher strata fees.
If your strata scheme doesn't currently have a by-law relating to air conditioners then approval to install the unit would have to be agreed at a General Meeting or Annual General Meeting – this would require the drafting of a special by-law for that singular request.
Some common mould problems in strata apartments include: Lack of adequate waterproofing allowing water to leak inside an apartment. Burst pipes or water leaks coming from an apartment above. Condensation in winter on walls/windows from temperature differences between heated interiors and cold exteriors.
Answer: The structure of the A/C unit sits within the cubic air-space of the lot and is, therefore, the responsibility of the individual lot owner.
For reference, a strata title is a form of ownership devised for multi-level apartment blocks and horizontal subdivisions with shared areas and expenses, whereas non-strata or “freehold” is simply a property like a single family home, or in the example above, a freestanding commercial building on a lot that does not ...
Any part of the land and buildings shown on the strata plan that is not part of a strata lot is common property. For example, in a condominium, common property typically includes hallways, elevators, recreational amenities and building exteriors such as the roof.
Ultimately, townhouses can be a great option for a rental property. They generally cost less, and that lower cost can mean cash flow from renting them out.
A duplex is a single structure with a single owner, featuring two residences (either side by side or upstairs and downstairs) with private entrances. A townhouse, on the other hand, features several dwellings that share walls and each unit is individually owned.
History also suggests that houses tend to make better long-term investments than townhomes, while townhomes tend to outperform units. That said, there are numerous property investors who have done well choosing units or townhomes over houses.