Thinking About Buying an Apartment in Melbourne? Here's What You Need to Know About Owners Corp.

mark41415
May 5
4 min read

With more and more apartment buildings under construction across Melbourne, apartment living has become a popular choice for many homeowners and investors. But living in a strata-titled property isn’t quite like owning a house – it involves shared spaces, community rules, and ongoing financial responsibilities.

At Iconic Strata Management, we have over 55 years of combined experience across our senior management team, supporting Owners Corporations in residential, commercial, and industrial properties.

We’re here to ensure you understand the ins and outs of strata living so you can make a well-informed decision when purchasing your apartment.

Here are our top 10 expert tips to help you navigate the world of strata living in Melbourne.

1. Investigate the Owners Corporation Records

Before you buy, make sure to request a professional search of the Owners Corporation’s books and records. This will give you a clear view of the building’s financial health, and you’ll also be able to identify any ongoing disputes or maintenance issues. It’s essential to ensure that you’re not inheriting problems that could affect your investment.

Tip: Get an independent report to avoid surprises later.

2. Don’t Forget the Levies

When you buy an apartment, you’ll be required to pay levies to contribute to the annual running expenses of the Owners Corporation, as well as long-term maintenance. These levies help maintain the common property and ensure the building is well looked after. Don’t overlook this ongoing cost – budgeting for it is essential to protect the value of your investment.

Tip: Factor these levies into your financial planning to avoid future headaches.

3. Know What You’re Buying Into

Check that everything, especially your car space or garage, is correctly allocated in the strata plan. The car space shown to you during the viewing should match what’s documented in the strata plan. A lawyer should also review the contract to ensure everything is in order.

Tip: Always double-check ownership details before proceeding with the purchase.

4. Understand the By-Laws

Every Owners Corporation has a set of by-laws that govern the building, covering everything from noise levels to renovation rules and pet ownership. Make sure to request a full copy of these by-laws and understand the rules that you’ll be required to follow once you move in.

Tip: Familiarising yourself with the building’s by-laws can help avoid conflicts with neighbours later.

5. Check the Building’s Financial Health

The condition of the building and the funds in the sinking fund are critical. The sinking fund is used to cover major repairs and upgrades. Ensure that the funds available are adequate for the building’s long-term maintenance. Ask for a detailed maintenance plan to ensure the building is in good shape and won’t require unexpected special levies.

Tip: The sinking fund should cover significant repairs for the next few years.

6. Are Pets Allowed?

Not all apartment buildings are pet-friendly, even if the selling agent says they are. Before buying, check the pet policy in the by-laws to ensure that your furry friends are welcome. Some buildings have restrictions on the size or type of pets allowed.

Tip: Confirm the pet policy directly with the Owners Corporation before making any assumptions.

7. Educate Yourself About Strata Living

Living in a strata property means understanding your rights and responsibilities. Some state-based SCA (Strata Community Australia) organisations offer free seminars and online training. Take advantage of these resources to ensure you’re fully informed about strata living.

Tip: The more you know about strata living, the smoother your experience will be.

8. Know Who to Contact in an Emergency

It’s important to know who to contact if something goes wrong in the building, whether it’s a plumbing emergency or a power outage. Find out who’s responsible for maintenance and what emergency contact details are available.

Tip: Ensure you have up-to-date contact information for the executive committee or building manager.

9. Get Involved

Take an active interest in your building by attending the Annual General Meeting (AGM). This is where decisions about the management and future of the property are made. You can also consider joining the executive committee to have a direct say in how things are run.

Tip: Getting involved is a great way to stay informed and protect your interests as a property owner.

10. Respect Your Neighbours

Living in an apartment means sharing walls and common areas with your neighbours. Be considerate of their space and follow building rules regarding noise, parking, and waste disposal. Remember, you’re all in it together, and maintaining a positive relationship with your neighbours can make a big difference in your living experience.

Tip: Treat your neighbours as you’d like to be treated – living in harmony is key to peaceful strata living.

Trust the Experts at Iconic Strata Management

With over 55 years of combined experience in managing a wide range of Owners Corporations, Iconic Strata Management is your trusted partner in all things strata living. Whether you’re buying your first apartment or managing an entire building, we offer comprehensive strata management services that will guide you through every step of the process.

Our expertise in both residential and commercial property management ensures that we have the skills and knowledge to manage your property efficiently and effectively.

If you’re ready to take the next step in your apartment buying journey, don’t hesitate to contact Iconic Strata Management today.

Please contact our experienced team on 03 9982 1300 or email info@iconicstrata.com.au for advice on how to best manage your property.

We’re here to support you!

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