All You Need to Know About Strata

1. All You Need to Know About Strata

2. So you're looking for a new home, a place that offers you a convenient, low-maintenance lifestyle and is close to your favourite shops, restaurants, and cafes. • Obviously an apartment or townhouse would be ideal. However, if you've never lived or owned one of these types of properties, there are a few things to know about how strata plans work.

3. 1. What exactly is a layer plan? • After buying an apartment or townhouse, you also become a joint owner of the common property. Common property includes things like the exterior of the building, driveways, lobbies, stairways, gardens, grounds, swimming pools, gym equipment, and other facilities - all things that you share with the other owners in the complex. • A strata plan provides rules for homeowners regarding their responsibility to common property and its maintenance through a Homeowner's Corporation or a Corporate Entity.

4. 2. Okay, so what is a Homeowner's Corporation? • The Owners Corporation is made up of all registered owners of all individual properties that are part of the strata management Central Coast plan. The Owners Corporation, which is also known as the Corporate Entity, is responsible for managing and maintaining the common property and ensuring that everyone follows the property rules. • Each year, the Homeowner Corporations appoint an Executive Committee to oversee the daily management needs of the property. The Executive Committee may also retain the services of a Stratum Manager to provide financial and administrative support and to organize repairs and maintenance.

5. 3. What are your annual expenses? • Each year, a draft budget will be presented to the owners, covering the operating costs of the Owners Corporation for the coming year. After the budget is approved at the Annual General Meeting, a fee payment will be established for each owner. • There are 3 main types of liens: • Administrative fund rates. • These cover the daily operation of the building, aspects such as gardening, cleaning, maintenance of shared facilities, management of layers and insurance. • Sinking fund rates. • This has nothing to do with the collapse of the building. These funds are used to cover large projects, major repairs, and construction sites, as well as unexpected emergency costs. • Special levies. • These are issued when significant work is required, but there are insufficient funds in the sinking and administrative funds to cover costs.

6. 4. How does insurance work? • The Executive Committee, on behalf of the Homeowners Corporation, will organize insurance covering the building, as well as civil liability insurance for common property. As a homeowner, you must arrange your own insurance to cover the contents of your apartment or townhouse.

7. 5. Are there rules for living in a strata plan? • To ensure the interests, safety, and well-being of homeowners and residents, life in a strata Newcastle plan is governed by a set of statutes or house rules. While each layer plan can create its own set of house rules, they generally cover things like noise restrictions, pets, trash removal, and renovations.

8. 6. What if you are thinking of renting your property? • As the property owner, it is your responsibility to ensure that your tenants adhere to the House Rules of the building. You should also make sure you attend Owners Corporation meetings or vote by proxy if you cannot attend in person.

9. About Us • Townhouse Strataspecialises in the strata management of Townhouse complex's in the Newcastle and Central coast areas of NSW. We provide professional tailored management solutions to fit your community scheme's requirements. • Website - https://www.townhousestrata.com.au/