1. Maintenance and Repairs
Shared Responsibility
In a strata scheme, maintenance and repairs of common areas (such as hallways, elevators, gardens, and roofs) are managed by the owners’ corporation. This means that individual owners don’t have to worry about these tasks or pay for them on their own.
Cost Sharing
The costs for maintenance and repairs are shared among the owners, which can make it more affordable than owning a house where you are responsible for all upkeep.
2. Community Living and Security
Sense of Community
Strata schemes often foster a sense of community as neighbours share common spaces. This can make it easier to form relationships and create a supportive living environment.
Security
Strata buildings, especially those with common entry points and security measures (e.g., intercom systems, security cameras, or on-site managers), can offer enhanced security compared to standalone homes.
3. Professional Management
Expert Administration
Many strata schemes are managed by professional strata management companies, ensuring that tasks like maintenance, legal compliance, and financial management are handled efficiently and professionally.
Legal Protection and Governance
Strata schemes are governed by specific rules and regulations under the Strata Schemes Management Act 2015 (NSW), providing clarity on the rights and responsibilities of owners and tenants.
4. Affordability and Location
Lower Purchase Costs
Strata schemes typically provide more affordable options compared to standalone homes, especially in highly desirable locations. Buyers might be able to afford a property in a central area they otherwise couldn’t.
In summary
Living in a strata scheme in NSW offers benefits like shared maintenance responsibilities, a sense of community, enhanced security, access to amenities, affordability, and potential property value growth. However, it’s important to also be aware of the strata by-laws and fees that apply to these living arrangements.
