If you have already bought a strata title unit – or are considering one – then welcome to the growing world of the vertical village or collective housing lifestyle.
Whether as an owner/occupier or investor, this type of property ownership has a different set of legal, social and financial rules than those that apply to the free-standing housing market.
While you own your valuable unit, you also share the ownership and responsibility for the common property.
This means contributing to the cost of running the entire building and its surrounds by way of quarterly levies.
Money is also paid into a sinking fund, which will cover long-term expenses associated with vital upkeep, such as regular painting or replacement of infrastructure.
There will also be a set of by-laws for your building that outline provisions like parking, what you can do to your unit, whether pets are allowed, or even where you can dry the washing.
At Independent Unit Management, we can help you determine the costs and the rules before you buy, ensure the professional management of what is already in place and provide the information required to keep you fully informed.