All That You Need To Know About Strata Maintenance

A citizen of Australia is very aware of strata maintenance costs or strata management costs. This blog is an attempt to highlight further details about the same. There are several benefits of residing in a condo or a high rise apartment. Keeping the

same essence of alive for the long run requires you to invest some money in it. This is not merely limited to maintaining your appearance but also the commonly shared areas of the building. Here comes the role of starting maintenance fees. This amount is used in the upkeep and well-being of the building structure.

Digging a bit deeper into strata maintenance

It is also popularly known as corporate body management and is a part of property management that includes everyday operations and property management, which is jointly held or comprises multiple units, common areas and common facilities. 

• The concept of strata maintenance is derived from an Australian concept of property law called strata title. It is applicable to the management of common areas in an apartment building on multiple levels or strata, and that's how we have the name strata maintenance.
   
• After gaining success in Australia, this concept has been adopted by countries like Dubai, Abu Dhabi, the United States, and India.  In fact, in the US, it is the fastest-growing form of housing which is the same as common-interest development (CID). 
  
  

• To ensure the successful management of such developments, there must be a strata title system that provides a framework of ownership and guidelines that manage the development that has multiple users.  Looking for expertise in strata maintenance process for maintaining your property.

  Making a career as a strata manager

• Basically, strata maintenance managers must deal with different aspects like management, maintenance, financial and administrative matters concerning residential and commercial buildings. 

• Although this job role requires a lot of effort, if you love to work in this field, it is the most satisfying job opportunity.
  
  
• In addition to the maintenance work, the strata manager also handles the disputes or issues that one may encounter. 
  
  
• A strata manager in New South Wales must enrol for a Certificate of Registration Strata Course.
  
  
• Many people run a full-fledged strata management agency, and if you also have the plans to do the same, then you would need to do a Strata Licence course and lodge your application for a licence with NSW Fair Trading. The same is applicable to other parts of Australia. 

Calculating strata maintenance fee

You must be aware of the right way to calculate this fee. A formula of strata maintenance always must be noted down so that you can refer to it later and progress the development plan.  The following calculation is going to help you with the same:

Individual strata fee= Total contribution*Unit entitlement of strata lot/ Unit entitlement of all strata lots

Unit entitlement here means the units allotted to an individual owner. 

Facts to know:

In Australia, the strata fees are between about 0.3% and 0.7% of the value of the property, but in a certain case, this value can rise up to 1.2%. The common facilities that will be a part of this fee are the gym pool, concierge etc. With this fee, the strata management authorities ensure property maintenance and upkeep of the building, thus keeping its good condition. 

All the commercial buildings are fully planned and maintained with this strata maintenance system. It you want to hire a professional to take over the plan make sure they have the licence provided by the trading board. Keep a check on the work. Even when you hire a professional you will have to investigate things personally for a smoother work process.