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Strata Levies - The Precinct - Mount Pleasant

The Precinct Mount Pleasant Blog

STRATA FEES

WHAT ARE THEY? AND WHAT DO THEY COVER?

Strata Levies are regular financial contributions put towards the running upkeep of the Strata you bought into.

HOW ARE STRATA FEES CALCULATED?

The size of the levy will be calculated by your lot size, the age of the building and its facilities as well as general upkeep of the building.

The Precinct will have an Indoor Gymnasium, Outdoor Gymnasium, Lap Pool, Bocci Pit, Steam Room, Running Track, Residents Library, Residents Lounge, and a Kid’s Playroom! Other common luxury features include Teppanyaki Barbecues, Thatched Gazebo, and Cabana Day Beds

WHAT ARE THE LEVIES?

Administrative fund levies. - Which are contributions to the administrative fund covering the day-to-day running costs such as cleaning, gardening, strata management, insurance, etc

Reserve Fund (Sinking fund levies) - These are used for bigger or longer-term projects like building works, painting, plumbing, repairs, as well as unexpected emergency costs or upgrades.

But have you ever heard of a Self-Generating Sinking Fund? The Precinct actually saves on costs and contributes back into this fund for future expenditures. Meaning you are not left out of pocket.

Special levies - These are designed to cover unexpected or extraordinary expenditures. They're often raised for future repairs, or structural improvements required when there are insufficient funds in the administrative or sinking funds.

The Precinct also has a generator in their lifts so it is creating and saving on energy. The Precinct will be one of the first 5- star, Greenstar Residential buildings in Western Australia.

WHY ARE MY LEVIES GOING UP?

The owners at a general meeting have determined that the current levy contributions were inadequate and have consequently agreed to increase the levy amounts. Reasons why owners would agree to increase the levy contribution include rising electricity costs and insurance premiums. It is important to note that as owners, there is a responsibility to repair and maintain the common property at all times, therefore funds are required to be available for this purpose.

You may be pleased to know that The Precinct is not set up like many others. Infact we start the strata with a four year budget cycle. This means that there are no surprises after the first year of operations.

SO WHAT ARE THE PRECINCTS STRATA FEES?

  • 1 bedroom - Average Strata Fees: $333 + $181 Reserve Fund = Approx $2056 per year
  • 2 bedroom - Average Strata Fees: $483 + $264 Reserve Fund = Approx $2988 per year
  • 3 bedroom - Average Strata Fees: $730 + $399 Reserve Fund = Approx $4516 per year
  • Skyhomes - Average Strata Fees: $1,238 + $676 Reserve Fund = Approx $7656 per year

Please note that the above prices are an average price only so if you would like to know more register your interest for more information.

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