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.
Living in a strata scheme has a lot of benefits, view or download our strata living guide (PDF, 1392.88 KB) for more information.