Strata management involves maintaining the appearance and condition of a building. It also involves levies and fees that owners must pay. In addition, it is a responsibility to provide and enforce rules in the best interest of all strata members. Common property To maintain the common property, a joint management body called the Owners Corporation collects money from each parcel owner in proportion to their share in the common property. The funds are used for repairs and maintenance of the common property. In some cases, the owners corporation will also construct a new structure on the common property. To maintain the common property, the Owners Corporation engages contractors. They also collect funds to manage the common property through sinking fund contributions and management fees. Those using the standard property should check the rules for activities such as smoking on balconies or washing on railings. Depending on the strata plan, you may need approval from the Owners Corporation before changing the common property. It is because a change to the common property will impact the overall value of the lots within the strata. As part of the strata management SA process, the Owners Corporation must create by-laws. These may show how common property should be maintained and how the lot owners should treat it. If the owner does not follow the rules, they could be liable to a fine from the owners corporation. One of the best ways to learn more about the differences is to consult an expert. In addition, consider using the services of an architect or lawyer if you have specific questions or concerns. Owners corporation Owners Corporations are legal entities that maintain common areas in a strata-titled property. Common areas may include carparks, hallways, gardens, pools and lifts. Several people can make decisions on behalf of an Owners Corporation. The group can also hire a professional strata manager. They can also hire a strata committee to oversee the day-to-day administration of the building. Depending on the size and type of scheme, there are different owners corporations. For example, smaller projects will generally not have a body corporate or strata committee. A body corporate committee comprises all the lot owners in a strata scheme. It is responsible for enforcing rules and managing the property. In many jurisdictions, a strata title system manages multiple-owner properties. A strata plan defines ownership interests according to a formula based on market value. Each owner has a specific portion of land and shares air space, outside walls, and carparks. Every owner has the right to participate in decision-making. Strata levies are a way for Owners Corporations to raise funds for ongoing building management. The body corporate quarterly collects these. This money is then used to maintain the structure and its common areas. Strata managers will oversee the issuance of levies and balance the books. Then, they will submit budgets to the owners corporation committee. Generally, the committee will make the final decisions. Typically, the committee is elected by the Owners Corporation at an annual general meeting. During the meeting, the committee is given the power to make some decisions independently and the responsibility to vote on the other choices. Strata levies and fees If you plan to purchase a property in a strata complex, you may wonder how much you will be expected to pay in levies and fees. These are a type of body corporate fees that cover a range of expenses relating to the common property's maintenance, management, and security. Typically, strata levies are paid quarterly to a strata company bank account. Therefore, you can expect your levies to be at their lowest at the time of purchase. However, your fees and levies will also likely increase over the years. When purchasing a property, paying attention to the levy due date is essential and ensuring you pay your account on time. Failure to do so can result in legal action and increase enforcement costs. Strata levies and fees are designed to help owners understand how their payments are used. They are crucial to protecting your investment, so keeping your eye on the ball is essential. The strata company will generally calculate two separate accounts based on the size of your lot. One version will be for general services, such as lifts and concierges. Another will be for administrative and reserve funds. Strata levies and other fees can vary widely depending on the location and age of your complex. In particular, older buildings can have higher maintenance and repair costs. And properties with balconies and parking spaces are often pricier. When buying a property, comparing strata levies and fees with other properties in your area is a good idea. It's also wise to ask for a budget to show you how much your levies and fees will be over the year. Maintaining the physical appearance of the building. Strata management SA is an ever-growing category of the housing industry. As the name suggests, it involves the daily management of a multi-unit complex. It's about more than managing the finances, though. Aside from the common areas, a property manager has to handle the more mundane matters. Managing a complex is no easy task, but a competent hand can do the job quickly and efficiently. Strata management is a well-regulated industry. There are various laws, rules and regulations to adhere to. One of the best ways to get along with fellow residents is to learn the nuances of your complex and the game's rules. The building's property manager can be a trusted ally if you have questions. They can also assist with complex issues like dealing with unruly tenants. Using a professional can be a worthwhile investment, and a properly maintained complex can be a capital asset.