Education

Strata levies are the regular fees that keep a shared building running. You might also hear them called strata fees, owners corporation fees or contributions.

A strata scheme needs funds for insurance, maintenance, cleaning, and repairs. It relies on regular levy payments from every owner to keep the strata scheme running. When one or more owners stop paying, levies fall into arrears, creating a shortfall.

Every strata scheme in NSW must have a strata committee.
If you own or live in a strata property, it's good to know what the committee does and how it works.

In NSW, under the Strata Schemes Management Act 2015, the owners' corporation is typically responsible for maintaining common property, which often includes balconies.

Owners corporations are responsible for swimming pools and spas in a scheme. They must make sure the pools and spas meet state and local council rules, which include fencing and signage.

Summer can take a toll on strata properties, making regular maintenance crucial to preserving your investment and ensuring a comfortable environment for residents.

From 1 May 2022, NSW strata schemes are required to lodge an annual return with Fair Trading within three months of each AGM and pay a $3 admin fee per lot.

New laws under the Strata Schemes Management Act 2015 will limit blanket bans on pets in NSW strata schemes, making it easier for owners to keep an animal.

Moving from a house to an apartment can be a huge lifestyle adjustment, but there are plenty of benefits including cheaper bills, less maintenance & increased safety.