Investing in a strata title property is often an affordable way to enter the property market and can be beneficial in managing repairs, maintenance and renovations down the track.

Generally, as a strata owner, you own the air space within the boundaries of your lot and the Owners Corporation owns and controls the building and the land under and around it.

All of the areas of the land and building that aren’t included in any lot are known as “Common Property”

The common property boundaries of each lot are generally formed by:

• All external or boundary walls, doors and windows
• The under surface of the ceiling
• The upper surface of the floor

When you are an owner in a strata scheme:

• Your ownership includes your individual unit or apartment as well as sharing ownership and responsibility for the Common Property
• You automatically become a member of the Owners Corporation which has responsibility for the Common Property.
• You will need to contribute regularly to the cost of running the building through paying Strata Levies.
• You may be subject to By-Laws regarding renovations, parking, noise control, hanging washing and pets.
• As a landlord you will need to ensure compliance with the scheme’s By-Laws as a condition of the tenancy agreement.
• Take out landlord’s insurance to cover potential losses due to non paying tenants, damage to the property and public liability for your lot.

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