If you’ve ever lived in a condo or strata building before, then you’ve undoubtedly asked yourself this question once or twice. Where exactly does that $300, or in some cases even more, that is taken out of your account on the first of each and every month end up going?
The short answer is that it goes into your budget! You know, the 2 or 3 page document that gets mailed out to you prior to every Annual General meeting. The one that you file on top of the microwave and forget about until it’s time to clean up the kitchen.
What makes up my strata budget?
The strata budget essentially details what your Strata Corporation can spend for the year. There can be many, many line items in a very detailed budget, or just a few for smaller strata buildings.
The big strata expenses are generally;
- Insurance for the building
- Strata Management fees
- Repairs and Maintenance (these are sometimes broken out into very defined line items such as plumbing, mechanical, etc.)
- Utilities; electrical, gas, water
Other common strata expense are;
- Janitorial expenses
- Window washing
- Gutter cleaning
- Waste management
- Elevator maintenance
- Fire inspection
- Pool maintenace
- Concierge or caretaker salaries
If you thought that you were going to save money by living in a strata building, then think again! Strata Corporations are essentially business that need cash to fuel them. That cash comes from you as a Strata Owner.
Looking for some help with your Strata budgeting or Strata management needs? Please reach out to our Vancouver Property Management Company here!