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Are you ready to live in a strata building?

By Louise Morrin

Whether it's a detached or semi-detached property Carlton, there is a variety of housing available for homebuyers. One common option that many Sydneysiders seem to flock to is apartments. Usually, these types of dwellings will come on a strata title, which means that the buyer owns the individual unit, but it will be part of a shared ownership of the building's common property.

If you're about to buy a property on a strata title, you'll need to familiarise yourself with the way it works and decide if it's the best option for you.

How much are the levies?

Strata schemes typically involve levies that all of the owners will need to pay to run the owners' corporation – the governing body for the building. This money is pooled to go toward funding repairs, utility bills or other expenses. Before buying, check how much this will be per year, as it could impact your outgoing expenses.

Do the rules suit your lifestyle? 

Some strata title units will have certain rules that are set by the owners' corporation. It might surround the ownership of pets, who can park where or even if residents can have a garden. These could impact your lifestyle, so make sure you understand what they are before committing to a home. 

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