Are You Joining a Strata Body Corporate? Here’s What You Need to Know
In your search for a property to invest in, you came across a strata property and have made the decision to purchase a unit. Now that you’re already an owner, you’re also starting to understand the in-betweens of the strata scheme, especially being part of a strata body corporate. Here are some of the key aspects you need to be informed about:
- A strata body corporate is the same thing as an owner’s corporation.
In the early days, owners of a lot within the strata scheme were called a body corporate. Today, this legal entity is commonly called the owners corporation. This refers to all the owners of units within a strata scheme who are responsible for keeping up with the day-to-day operations of the property and managing its finances. Once you invest in a unit within a strata-titled property like a townhouse or apartment, you become a member of that strata body corporate by default.
- A strata body corporate is in charge of all the upkeep in the strata.
As a collective, a strata body corporate is responsible for collecting fees and levies from members and owners. This money will be used to keep all of the shared spaces in good shape, like the gardens, hallways, elevators, parking spaces and swimming pools. The body corporate will also deal with any issues within these shared spaces to ensure that the residents are comfortable and happy.
- A strata body corporate enforces the rules stipulated in the scheme.
Since a lot of people live within one building or complex, rules need to be enforced to make sure that everyone can live peacefully in the same space. The body corporate enforces these rules and deals with any problems regarding residents, including noise complaints, rude behaviour and other issues that need to be dealt with properly before they affect the rest of the residents. The strata body corporate also makes the important decisions on behalf of the residents with the help of a strata manager or strata management company.
- A strata body corporate maintains smooth communication within the community.
Although owners live within a single building or complex, communication may still be difficult, especially since most of these people live quite busy lives. The strata body corporate ensures that all homeowners are updated with everything that’s happening within the strata. They seek professional advice when needed and encourage other members to participate actively in the activities organised by the committee.
- A strata body corporate learns about the Strata Titles Act.
Strata living is very common in Australia, which is why The Strata Titles Act 1988 was created to help govern these strata schemes and help the strata body corporate maintain peace and order within the community they manage. This is why it’s very important to understand the rules under this act and ensure that they are followed properly. The act is constantly updated so the committee is responsible for keeping up with these updates and communicating them with other residents.
- A properly run strata body corporate is good for the scheme in different ways.
Having a strong strata body corporate is very important because it helps to build a strong community where residents don’t only co-exist but also socialise, interact and bond with each other. Efficient management also ensures that the property is maintained well to improve its value over the years. With the help of a strata management company, the body corporate can help ensure compliance with rules, cater to the needs of residents and maintain efficient day-to-day operations within the community.
At the end of the day, a strata body corporate plays a crucial role in how every strata living community thrives and grows. So if you just invested in a property and would want to know more about strata body corporate, you can start by getting in touch with our team. We’d be more than happy to assist your needs.
