Strata scheme questions

[FrugalOne]

I am new to the strata side of things and trying to get my head around it.

If I am the sole owner of all parts of a property that is strata titled, I get the impression the people/number of people involved in decision making/finances will be much less - yes?

If I am the sole owner - how much "answering to" some other department/entity would there be?

If I am the sole owner - can I decide if it needs a sinking fund - and decide how much is allocated and when it is allocated?

Is there any amount of $ that will "dissappear" to some other entity if I manage/control all strata activities? Like some kind of "pay the local council $1000 per year for the sake of it" type fee?

My questions may, or may sounds odd, but really am VERY new to this so trying to understand a few things. And yes, I have googled. Any help would be great.

 

[Wake]

Hi,

If you are the sole owner then it is up to you to make the decisions. However your decisions will depend on a few factors. Is it a new property, or an older one? A unit block with common property or villas with minimal common property? Has it always had one owner?

If you plan on selling it at some stage you will need to ensure the place is well maintained, and/or there are funds available to contribute to the future maintenance otherwise sales may be hindered. At a minimum you will need to make sure its insured correctly, that any fire safety equipment is maintained and certified, and that you have an AGM each year where you minute the fact that you, as sole owner, will cover all expenses in lieu of setting a budget and striking levies.

There is no fee that will be payable for no good reason. Technically, you will need to comply with the various components of the Strata Schemes Management Act (if its in NSW).

Wake