Strata Title Properties in Victoria: What’s the Deal?

Investing in strata title properties in Victoria can be a smart way to build your portfolio. These properties often come with shared facilities and shared maintenance responsibilities, making them an appealing option for many investors.

However, understanding who handles what is important. When you know the responsibilities of the Owners Corporation compared to yours as a lot owner, you can avoid unnecessary expenses and keep your investment running smoothly.

Strata’s Job vs. Yours: Who Does What?

When you buy into a strata scheme, you become part of an Owners Corporation. This group is responsible for maintaining common property and ensuring shared facilities are in good condition. Meanwhile, you are responsible for the upkeep of your individual property.

What the Owners Corporation Takes Care Of

The Owners Corporation handles all aspects of common property, including:

• Maintenance of shared spaces like gardens, stairwells, and parking areas
• Repairs and upkeep of shared facilities such as elevators, pools, and gyms
• Building insurance for the development
• Financial management, including collecting strata levies and creating budgets

Your levies fund these tasks, so it is worth paying attention to how they are spent.

What You’re Responsible For

As the owner of a unit, you are responsible for maintaining everything within your property. This includes:

• Repairs and upgrades within your lot, such as plumbing and electrical systems
• Contents insurance, since the Owners Corporation insurance does not cover your belongings
• Following strata rules and by-laws, which may include regulations about renovations or using shared spaces

Sometimes, the distinction between shared and individual property can get blurry, especially with maintenance issues. Having an experienced property manager to guide you is essential.

Why a Good Property Manager is Your Best Friend

Strata properties can be complicated, especially when responsibilities overlap. A knowledgeable property manager can help you with this and ensure you are not taking on costs that should be covered by the Owners Corporation.

Making Sure Strata Pays Their Share

An experienced property manager understands the ins and outs of strata schemes. If an issue arises that involves common property, they will ensure the Owners Corporation handles it rather than you. For example, if water damage originates from a roof leak, your property manager will advocate for the repairs to be covered by strata.

A skilled property manager can save owners time and money by making sure the Owners Corporation is fulfilling its responsibilities and covering eligible maintenance.

Representing You at Owners Corporation Meetings

Owners Corporation meetings are where decisions are made about maintenance, levies, and budgets. A good property manager can represent you at these meetings, ensuring your interests are considered and that your property remains a priority in decision-making.

Using the Strata to Your Advantage

Strata properties offer a lot of potential, but they also require attention to detail to ensure they align with your investment goals.

Managing Costs Wisely

Strata levies can add up, so it is important to ensure the money is being used efficiently. A property manager can review the Owners Corporation’s financial reports, helping you identify any areas where costs can be controlled or improvements made.

Attracting the Right Tenants

Melbourne’s rental market is a competitive one, so making your strata property appealing is so important. Your property manager can suggest small updates or improvements that fit within strata guidelines to make your property stand out to tenants.

Ready to Make Strata Work for You?

Owning a strata title property in Victoria can be a great investment if you understand how the system works. Knowing who handles what, keeping an eye on levies, and having a skilled property manager on your side can make all the difference.

At BISE Property, we specialise in helping investors with strata properties. From attending Owners Corporation meetings to making sure your levies are spent effectively, we provide the support you need.

Contact us today to learn how we can help you get the most out of your strata investment.