The Advantages of Buying an Apartment with a Strata Title
Posted on: 25 August 2014
A strata title allows you to buy a portion of a property or building. When you do, you become a member of a corporation created to maintain the whole property. You will personally only own the inside of your unit. The outside walls, hallways, stairs and lawn all belong to the corporation. There will be levies you need to pay every quarter that go towards the upkeep of the property and for any future improvements. Although you do not own the whole property, there are definite advantages to this type of purchase. If you are in the market for a new home, do not skip over strata communities until you know what you will be missing.
Less Maintenance
A strata community collects levies from the owners of each unit to pay for the maintenance and upkeep of all the common areas. You will not have to worry about mowing the lawn, trimming the bushes, vacuuming the hallway or painting the outside of the building. If there is a plumbing or electrical problem that involves the whole building, having it repaired is not your responsibility.
Better Pricing
Because you are not buying the land and other common areas on the property, the price of a strata titled home is cheaper than a freestanding home. In addition, because there is a high demand for these units, if you should decide to sell in a few years, you will be able to see a decent return on your investment.
More Amenities
Many strata communities have a community swimming pool, clubhouse and/or gym. These common areas are kept in good maintenance and condition for your use at all times. As a voting member of the corporation, you can suggest new amenities. If the other members like the idea and vote for it, you can have almost anything you want in the common areas that will be bought and maintained by the corporation.
Apartment Ownership
If you were to rent an apartment, there would be restrictions on what you could do to it. While you must follow the by-laws created by the corporation of a strata community for the outside and common areas of the building, you can do as you please to the inside. Paint the walls as you see fit, remodel the bathrooms or take a wall out to have a larger room. The inside of the unit is yours to do with as you please.
Living in a strata community may not be for everyone. However, if you were going to rent a unit in an apartment complex, or you like the thought of having common areas for everyone to enjoy, it might be just what you are looking for in a new home. Talk to a strata community developer, such as Giudice Surveys, for more information.
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