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Exploring the Financial Backbone of Perth Apartments: Where Do Strata Levies Go?

Living in an apartment building in Perth has its own set of perks, from the convenience of urban living to stunning cityscapes and coastal views.

However, one aspect that often puzzles apartment owners and tenants is the concept of strata levies. These levies are a part of the strata scheme and play a crucial role in maintaining and managing the shared spaces and amenities within apartment buildings. In this blog, we will explore what strata levies pay for in Perth apartment buildings, shedding light on the various expenses covered.

Common Area Maintenance

One of the primary purposes of strata levies is to cover the maintenance and upkeep of common areas within the apartment complex. This includes lobbies, hallways, elevators, gardens, swimming pools, and fitness centers.

Regular cleaning, repairs, and maintenance of these spaces ensure that they remain safe and enjoyable for all residents.

 

Building Repairs and Renovations

 

Strata levies also go towards repairs and renovations of the building itself. This includes structural maintenance, roof repairs, exterior painting, and other essential updates.

These investments help maintain the overall value of the property and ensure the longevity of the building.

Utilities

 

Utilities such as electricity, water, and gas for common areas like lighting, heating, and cooling are often paid for using strata levies. These expenses are shared among all residents, as they collectively benefit from these amenities.

 

Strata Management Fees

 

Hiring a professional strata management company is common in apartment buildings. These companies handle administrative tasks, maintain records, and ensure compliance with strata laws and regulations. Part of the strata levies goes towards covering these management fees.

Insurance

Strata levies are used to purchase and maintain comprehensive insurance policies for the entire building and its common areas. This insurance coverage provides protection in case of unforeseen events such as fire, storm damage, or accidents within the common areas.

 

Security

 

Security measures such as CCTV surveillance, access control systems, and security personnel (if applicable) may be funded through strata levies. Residents benefit from the increased safety and peace of mind provided by these investments.

Pest Control

Regular pest control and management is essential to maintain a hygienic and comfortable living environment. Strata levies often cover the costs of pest control services in common areas and shared spaces.

 

Landscaping and Gardening

 

Maintaining the aesthetics of the apartment complex includes landscaping and gardening services. Strata levies contribute to the regular care and maintenance of the green spaces, ensuring a pleasant and attractive living environment.

 

Reserve Fund

 

A portion of the strata levies is allocated to a reserve fund, which is a savings account for future maintenance and unexpected expenses. This fund ensures that the building can address unforeseen repairs or emergencies without causing financial strain on residents.

Benefits of Apartments vs Houses – More Bang for your Buck!

Although the quarterly outlays of strata levy costs may seem significant, it’s important to remember that much of the maintenance you would have to undertake yourself in a house is taken care of in an apartment building.

From garden upkeep to exterior building maintenance, your strata levies take care of the mundane maintenance tasks, so you don’t have to!

In addition, the amenities provided by apartment buildings are often far superior to any that would be present in a house. Think state-of-the-art gyms, rooftop entertaining areas, and luxury pools! These are all considerations when debating the house vs apartment question for your next property purchase.

Strata levies are a fundamental aspect of apartment living in Perth. They play a crucial role in maintaining the quality of life, safety, and aesthetics within the building.

By covering common area maintenance, building repairs, utilities, strata management, insurance, security, and more, strata levies contribute to the overall well-being of residents and the preservation of property values.

Understanding what these levies pay for is essential for both owners and tenants, as it allows for transparency and responsible management of apartment buildings in Perth.

If you have questions about strata levies, or anything related to property management, please contact our Asset Management team on 1300 149 116 - they'll be happy to help!