Is Strata living right for you? New guide for residents and investors

Amid the growing demand for strata properties, the government has published a new WA Strata Living Guide containing everything you need to know about the fees, shared resources, facilities and obligations of owner and tenants.

REIWA CEO Cath Hart said the guide will provide crucial insights into the benefits, rights and responsibilities associated with strata living.

“We have been eagerly awaiting the launch of the guide, which offers a single resource containing valuable information about strata living for owners, tenants and future buyers,” said Ms Hart.

“The guide will help to clarify common misconceptions of living in strata complexes and highlight the many benefits, including enhanced community, security, and minimal maintenance.”

The benefits of strata living include:

• Strata fees cover repair and maintenance costs, which includes larger ticket items such as a new hot water system or a roof replacement.
• Owners and residents will avoid general gardening and cleaning of shared areas such as pools and spas, as the associated costs are covered by strata fees.
• Building insurance is also covered by strata management fees, with the exclusion of personal contents.
• Strata living generally provides a safer living environment for residents, with security elements including a gated community, CCTV cameras, double bolted locks, and entry code access for guests.

The comprehensive guide addresses the many factors associated with owning and living in strata complexes, including:

• How a strata scheme operates
• The role of strata managers
• Strata by-laws
• Decision-making processes
• Repairs and maintenance
• Dispute resolution
• Tips for buying and selling

Strata property will continue to be an important sector of the market as Western Australia addresses the gap between supply and demand amid high population growth.

“Strata living continues to grow in Western Australia with its enhanced sense of community, strong affordability, convenient location and lifestyle,” Ms Hart said.

“Some people may be put off strata properties due to higher levies, but this guide gives buyers a holistic view of the associated costs and how the fees could work in their favour”.

SOURCE: www.reiwa.com.au