Property experts fear soaring strata and owner's corporation fees could threaten the future of the apartment market.
Older buildings generally have higher fees. Luxury amenities can add 20-30% to monthly fees. What Are Strata Fees?Location within the building. Type of unit (apartment vs townhouse).
Strata fees also called body corporate fees, owners corporation fees, or strata levies are quarterly or monthly payments made by all owners in a strata-titled property to cover the shared costs of maintaining the building and common areas.
Essentially, condo fees and strata fees are synonymous. Both consist of monthly costs to cover certain utilities, upkeep, repair and landscaping. Condo fees can additionally cover unique building amenities like gyms or indoor pools.
Strata fees, also called levies, are contributions generally paid quarterly into the strata plans bank account. These fees are used to fund the ongoing expenses of the scheme for things like cleaning, gardening, electricity and building maintenance, plumbing works etc.
If you have purchased an apartment or townhouse, you probably have to pay strata fees. While at first, these might seem like an unnecessary additional expense on top of your property purchase, strata levies can actually offer plenty of benefits to property owners.
