Apartment Selection: Understanding Strata Schemes
If you're a first time investor looking to secure real estate in Surfers Paradise, then you will need to understand the various terms and concepts used in the property investment and real estate industries.
This is especially true if you select an apartment as an investment property, as many buildings have strata schemes and Owners Corporations to help manage the building.
What is a strata scheme?
Buildings that have a strata scheme are essentially small communities, where owners have certain responsibilities and obligations to fulfil.
There is usually a board put in place – an Owners Corporation – which has the activities and facilities for residents held as a priority.
As an owner of a dwelling within a strata scheme, you may need to pay strata levies. These cover the costs for things such as building maintenance, utilities and cleaning for common areas, and administration costs.
For example, if your apartment building has a swimming pool, then the costs to keep it maintained and running would be included in strata levies paid by you as an owner.
Before selecting apartments or units to use as rentals in Surfers Paradise, you may want to ask your agent how much the property's strata levies are, as this may factor into your decision.
For help with finding apartments or units in Surfers Paradise, contact a Ray White agent today.