Community Insights

Strata living brings the benefit of shared responsibilities, especially when it comes to insurance. Strata owners often assume that their property is comprehensively covered under Strata Insurance. While it's true that Strata Insurance protects shared spaces, this assumption can lead to a misconception. Not everything is covered. This article aims to dispel the confusion surrounding Strata Insurance, Home Contents Insurance, and Landlord Insurance, enlightening strata owners

Strata living, with its diverse communal spaces and shared responsibilities, thrives on effective management. Two key roles play vital parts in this ecosystem: Strata Managers and Onsite Building Managers. While their objectives align in fostering a harmonious community, their responsibilities and scopes differ significantly. It's common for roles to overlap in smaller communities due to budget constraints that make it impractical to hire an onsite building manager. In such c

Are you a new owner venturing into the realm of strata living in New South Wales (NSW)? Congratulations on your property acquisition! As you embark on this communal living journey, understanding the dynamics of strata living is crucial for a harmonious and fulfilling experience. Here's a comprehensive guide to help new owners navigate the intricacies of strata living. Understanding Strata Living: What is Strata Living? Strata living involves shared ownership of a property, ty

Unit Entitlement (UE) is a crucial concept in the realm of strata schemes, playing a significant role in determining the financial contributions and voting rights of individual owners within a strata development. This concept revolves around the notion that not all units or lots in a strata scheme are created equal. Here's a comprehensive breakdown of what Unit Entitlement entails: 1. Defining Unit Entitlement: Unit Entitlement represents the proportional value assigned to ea

When diving into the world of strata, it's crucial to grasp the dynamics of strata levies, as they play a significant role in your ongoing commitment. However, the intrigue lies in the fact that not all strata levies are created equal. Low fees might raise a red flag, signaling potential issues with building maintenance or overall upkeep. In this blog post, Compass Strata unravels the mysteries surrounding strata levies, shedding light on why they differ from one building to

A Building Management Committee (BMC) is a specialised entity established within mixed-use developments, particularly in strata schemes with a diverse range of property uses (residential, commercial, retail, etc.) within the same building or development. Unlike traditional strata committees, a BMC committee, made from representatives from the strata plans that make up the development, is created to address the unique challenges posed by mixed-use developments. The Basics of B