Short answer
Buying into strata means buying a lot in a scheme, which makes you both the owner of your unit and an automatic part-owner of the shared property — with the rights and obligations that come with it. You’re buying into the whole scheme, not just the apartment.
What comes with the lot
- Levies — an ongoing share of the scheme’s running and long-term costs (what levies pay for).
- By-laws — the scheme’s rules you agree to live by.
- A vote — a say in how the scheme is run, in proportion to your unit entitlement.
What to check before you buy
Because you’re buying into the whole scheme, look at its finances (fund balances, any special levies), insurance, by-laws, and any known building issues — often through a strata inspection report. A scheme with healthy funds and clean records is worth more than a cheap levy today.
A sign of a well-run scheme
The schemes worth buying into are the ones that are actually run well — records in order, funds healthy, obligations met. A self-managed scheme on a system such as Straita keeps exactly those things straight, which is what a buyer’s inspection is looking for.
Primary sources
- Strata Schemes Management Act 2015 (NSW) — owners’ rights and obligations, levies and records.
- NSW Government — Strata schemes (Fair Trading) — buying into strata.