EOFY: How to reduce strata costs

“Now is the time for owners to get more engaged with how their building is run,” Mifsud said.

“A few smart decisions before EOFY can make a big difference in the next budget cycle.”

He said that increasing living expenses, higher service fees, and unforeseen repairs are leading more owners to scrutinise the financial efficiency of their strata schemes.

“Property owners who take a more active interest in their strata scheme tend to avoid unexpected costs and enjoy stronger returns, whether that return is measured in comfort, capital growth or rental income.”

According to Mifsud, property owners should get involved in their strata committee to ensure they are part of the key decision-making process, such as budgets and maintenance.

Similarly, property owner should review their strata spending and service contracts regularly so they can uncover unnecessary costs and better deals.

Mifsud also encourages owners to seek professional advice to ensure major works are correctly done and covered by warranties, helping avoid costly mistakes.

He said that planning ahead for significant expenses like repairs and keeping the sinking fund healthy prevent unexpected special levies.

The strata expert also suggested that owners and the committee agree on smaller but regular levy payments to ease financial pressure.

“Whether you live in your property or lease it out, you have a say in how your building is run. Joining the body corporate committee gives you the chance to influence key decisions, from budgets to maintenance priorities,” he said.

“Owner-occupiers may want a more comfortable living space, while investors may prioritise keeping levies low – but both benefit when the building is well-managed and its value is protected.”

“EOFY is the perfect time to do a financial health check on the expenses associated with your property,” Mifsud concluded.

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