If you’re a strata owner in Marcoola on the Sunshine Coast or the surrounding areas, understanding strata levies is crucial. These fees are essential for maintaining your community and ensuring it remains a pleasant place to live.
What are Strata Levies?
Strata levies are regular payments made by individual owners within a strata title scheme to a body corporate. This body corporate is responsible for the upkeep and maintenance of the common property within the scheme. This can include:
- Common areas: These are areas shared by all owners, such as foyers, lobbies, gardens, and swimming pools.
- Common facilities: These are facilities shared by all owners, such as gyms, tennis courts, and community rooms.
How are Strata Levies Calculated?
Strata levies are typically calculated based on the unit entitlement of each property within the scheme. The unit entitlement is a proportion of the total value of the common property that is assigned to each individual lot.
The body corporate will determine the annual levy budget, which includes estimated expenses for the year. This budget is then divided by the total unit entitlements of all lots to calculate the levy rate per unit entitlement.
Where Does the Money Go?
The funds collected through strata levies are used to cover a wide range of expenses, including:
- Building insurance: Protecting the common property from damage or loss.
- Maintenance and repairs: Keeping common areas and facilities in good condition.
- Cleaning and gardening: Maintaining the appearance of the property.
- Security: Ensuring the safety of residents.
- Administrative fees: Covering the costs of managing the body corporate.
- Sinking fund contributions: Saving for future major repairs or replacements.
Why are Strata Levies Important?
Strata levies are essential for maintaining the value and appeal of your strata property. By contributing to the body corporate, you are helping to:
- Preserve property values: Well-maintained common areas and facilities can increase the overall value of your property.
- Enhance the living environment: Regular maintenance and repairs ensure a safe and comfortable living environment for all residents.
- Comply with legal obligations: Strata schemes are subject to various laws and regulations, and levies are necessary to meet these obligations.
- Plan for the future: Sinking fund contributions help the body corporate prepare for future major expenses, such as roof replacements or lift upgrades.
Understanding Your Strata Levies
If you have any questions about your strata levies, it’s important to contact your body corporate manager. They can provide you with detailed information on how your levies are calculated, where the funds are allocated, and any upcoming special levies.
By understanding the purpose and importance of strata levies, you can become a more informed and responsible strata owner.
Sunstate Strata is Your Trusted Body Corporate Manager
At Sunstate Strata, we are committed to providing exceptional body corporate management services to our clients in Marcoola on the Sunshine Coast and the surrounding areas. Our experienced team can help you with a range of services, including:
- Financial management
- Maintenance and repairs
- Legal and compliance advice
- Dispute resolution
- Strategic planning
For more information email, call Sunstate Strata on 07 5450 5300 or visit our office which is located at – Suite 5 / Seaside on the Lake” Cnr Seaside Boulevard & Merchants Parade Marcoola, QLD.
