The Benefits of Strata Property

A residential strata property also known as a unit, apartment, flat, villa or townhouse, is located in a building or complex which is shared jointly by other individuals. Owners can access common areas such as lobbies, corridors, and recreation facilities. 

When you buy into a strata scheme, you also buy into an owners’ corporation.  The owners’ corporation, also known as the strata company, manages and maintains the common property on behalf of the owners. 

Strata Living in Australia

Strata living has become increasingly popular in Australia in recent years, with more and more people looking for ways to live in close proximity to urban amenities while still enjoying the benefits of owning their own home. There are several reasons why people would choose strata living, including a strong sense of community, the ability to share resources and facilities, and the potential for lower maintenance costs.

However, there are also some challenges that come with strata living:

• The need to comply with strict rules and regulations.
• The possibility of conflict with neighbours.
• The lack of privacy.

Despite these challenges, strata living continues to be popular in Australia as it offers all the benefits of urban life while belonging to a tight-knit community.

The Pros of Strata Investing

When it comes to investing in property, strata titles offer a number of advantages over traditional freeholds:

• It can be considerably cheaper than freehold properties, making them an ideal option for first-time investors.
• Strata properties are often easier to maintain and manage than freeholds, as the costs of repairs and maintenance are shared among all the owners in the development. 
• Strata title units can have a lower vacancy rate than freeholds, as they are often located in desirable areas close to amenities such as public transport, schools and shopping centres. 

Things to Consider Before Buying Strata Property

It’s important to know the difference between a strata unit and other property types. A strata unit is part of a larger complex that is shared with other owners, so you will need to pay strata fees (levies) in addition to your mortgage, council and water rates. Strata levies are regular financial contributions made by lot owners to maintain the strata property.

Make sure you research the building itself, as strata complexes have rules and regulations you’ll need to follow. 

You should also get a professional home inspection before making an offer on any property, so you have all relevant details before making a purchase decision. 

Home 2 Home offers full-service strata management services and can take care of all your needs. We have the experience and expertise to manage your strata complex, from budgeting and financial planning to maintenance and repairs. Contact us today for a free consultation.