Appeal of life in the strata Ian and Penny Speight look over one of the apartments at the residential building in Sydney Olympic Park. MORE Sydneysiders are buying into strata developments than ever before and in the wake of incentives for buying into new buildings in the 2012 state budget there could be even more medium - and high-density buildings on our horizon. "It won't be long until more than 50 per cent of people are living in strata communities," says Fair Trading Minister Anthony Roberts. The NSW government is currently reviewing strata and community title laws and Roberts hopes to present parliament with proposed changes by early 2013. "The NSW strata laws are now more than 50 years old, and unfortunately other governments have only really worked around the edges of this," he says. "Reforming these strata laws is one of the greatest challenges we face, because we need to decide how do we construct these communities for the next 50 years," he says. Roberts says according to the submissions from the public consultation, the reforms will be based around "pets, parking, parties and puffing." David Ferguson, president of the Institute of Strata Management, says the reforms were a "welcome beginning" to the review of strata living. We've got to realise the great Australian dream is gone. There's a new Australian dream, one where people can be better connected with those living around them," he says. Isn't it great to have direct control, and benefit from the joy of contributing to your own lifestyle? It's not something you can necessarily do in a normal suburban street environment," Ferguson says. He adds that not only has there been a shift from houses to apartments, the typical unit block has also transformed. "The days of the six-pack unit block are over," he says. A good, intelligently designed development is what modern strata is all about. Developers are factoring much more in to each development and considering local amenities and providing lifestyle options for owners. Penny and Ian Speight call Australia Towers, a new development at Sydney Olympic Park, home after living in Pennant Hills for 20 years. "It's been quite a change but we're getting used to it," Ian says. We don't hear the neighbours around us and you can be as private as you want to be. He says moving away from their leafy suburban street and into a high-rise development was a big but positive change to their lifestyle. "After the first general meeting we came away quite happy because we knew there was an executive committee of some really knowledgeable people in charge," he says. The Department of Fair Trading says there are key questions to consider before stepping into a strata scheme. Ask about the management of the scheme: Is the building properly insured? Are there funds to cover repairs and maintenance? Is there outstanding building work, or any planned which could mean additional levies? Organise a Section 109 Certificate which provides information about the strata scheme, the levies to be paid by the owners, any outstanding levies, and any special by-laws made by the owners corporation in the past two years. Get a detailed strata search through a specialist company or your solicitor/conveyancer. Find out which parts of the unit will be included in the lot, and where the common property boundaries are. Pay close attention to items such as balcony walls, railings, sliding doors and garage doors, as strata plans may differ. Don't forget ongoing costs such as levy contributions to the administration and sinking funds. How much are they? Be aware levy amounts change. Find out if any alterations have been done to the unit and were they approved by the owners' corporation? Think carefully about the impact of strata living on your lifestyle. Can you keep a pet? Can you hang washing outside, or will you have to buy a dryer? Besides looking at the unit, have a look at the entire building. Some buildings have expensive finishes such as marble foyers which must be maintained along with swimming pools, lifts and gardens, and these costs will impact on your levies. Is the building rundown and in need of repair? Check if there are any restrictions on the use of the common property. For example, if you want to change the flooring, you will likely need the permission of the owners corporation.