Strata living in Victoria offers shared amenities, community-focused living, and streamlined maintenance — but it also introduces unique responsibilities. Whether you’re purchasing or selling, understanding how strata differs from standalone properties is key. Here’s a simple guide tailored for the Victorian context.

Buying in a Strata Scheme

Buying a strata property means you’re becoming part of a managed community with its own legal and financial structure. Here’s what to check before signing any agreements:

1. Examine the Owners Corporation Records

Before purchasing, request an inspection of the owners corporation records. These typically reveal:

• The current financial status of the owners corporation
• Any known or potential building defects
• Details of insurance coverage
• Meeting minutes from the owners corporation
• Any future special levies or budgeted expenses

This will give you a clear view of how well the building is being managed.

2. Understand the Rules

All strata properties in Victoria have rules governing behaviour and property use. These may cover issues like pet ownership, noise levels, renovations, parking, and use of shared areas. Make sure you’re comfortable with these and prepared to follow the correct approval processes for things like changes or additions.

3. Be Clear on the Fees

Ongoing contributions to the owners corporation are required to cover shared services, maintenance, and insurance. Review past and current fee structures, and check for any planned increases or special levies that may affect your costs post-purchase.

4. Know What’s Private and What’s Shared

Boundaries between private lots and common property can be confusing. Confirm what you’ll personally own versus what’s shared responsibility, particularly when it comes to maintenance and potential renovations.

Selling a Strata Property

Selling a strata property in Victoria means following a few additional steps compared to a free-standing home:

1. Provide a Section 154 Certificate

Sellers in Victoria must include a disclosure certificate that outlines:

• The current levies and any unpaid contributions
• Insurance coverage for the building
• Approved or anticipated special levies
• The financial standing of the owners corporation

Your strata manager can assist in providing this documentation.

2. Disclose Rules and Relevant Limitations

Buyers should be made aware of any rules or restrictions related to the property. Be upfront about things like renovation approvals, pet policies, or restrictions around short stays to ensure a smooth sale.

3. Address Future Works and Levies

If the owners corporation has approved future works or levies, it’s important to disclose these. Decide whether these costs will be the seller’s responsibility or passed on to the buyer, and ensure this is captured in the contract.

4. Work with a Strata-Specialist Agent

Not all agents are experienced in strata sales. Choose one who understands the rules, documents, and expectations specific to strata to ensure the best possible outcome.

Strata Sales and Purchases Require Preparation

Strata properties bring unique considerations, but with the right preparation, the process can be smooth and transparent. Make sure to investigate the rules, examine financials, and seek professional advice when needed.

Looking for expert help in strata management?

SSKB works with Victorian strata communities throughout the property lifecycle. Contact our team today for guidance tailored to your needs.