Are you currently in the market for a new property? If so, you might want to consider strata properties, which have gained popularity recently. To delve deeper into the top five reasons why people opt for strata properties and how they can enhance your living experience, let’s explore the following aspects.
Affordability
Strata properties are renowned for their affordability, making them an enticing choice for first-time homebuyers or individuals seeking budget-friendly housing options. According to the “Australasian Strata Insights 2020” report by the Property Council of Australia, 42% of West Australians were motivated by affordability when purchasing a Strata Property. Compared to equivalent freehold properties, strata properties typically come with a more modest price tag, facilitating easier entry into the property market.
This affordability extends to ongoing maintenance costs as well. As a Strata Property owner, you jointly share the expenses of maintaining communal areas like gardens, walls, roofs, and driveways with other strata owners.
This shared responsibility helps distribute the financial burden, potentially reducing individual expenditures. For example, when improving their NABERS energy rating from 3 to 5 stars, apartment buildings can save an average of $104,402 per annum.
Desirable locations and property types
Strata properties offer a diverse array of locations and property types to cater to varying preferences. In Western Australia, the most popular locations for Strata Properties are the Perth CBD, Northbridge, Subiaco, West Perth, and South Perth.
Whether you favor the convenience of a centrally located apartment in a bustling urban setting or the serenity of a townhouse nestled in a tranquil suburban neighborhood, Strata Properties offer options for everyone. With the flexibility to choose from different property types such as apartments, townhouses, or even commercial spaces, strata living enables you to find a property that aligns perfectly with your lifestyle and needs.
Shared Ownership of Common Property
When you invest in a strata property in Western Australia, you become a co-owner of the common property within the Strata Company. This encompasses shared amenities like swimming pools, gyms, parks, BBQ areas, and communal gardens. In Western Australia, 70% of strata properties have a swimming pool, 50% have a gym, and 30% have a park.
Shared ownership of these facilities not only adds value to your property by an average of $20,000, but also fosters a sense of community. By collectively owning and maintaining these communal spaces, strata owners can enjoy access to well-kept amenities without bearing the full financial burden individually.
Community living and shared facilities
Strata living often nurtures a sense of community in Western Australia. With shared facilities and amenities such as common areas and social spaces, residing in a strata property creates opportunities for social interactions and a feeling of belonging. A study by the Property Council of Australia (Western Australia) found that 72% of strata residents in Perth said that they felt a sense of community in their building.
By-laws and harmonious living
To ensure harmonious living among residents, strata schemes implement by-laws. These by-laws establish rules and regulations regarding various aspects of communal living, covering areas like noise levels, pet ownership, parking, and renovations. While some may perceive these regulations as restrictive, they are designed to maintain a peaceful and respectful environment for all residents. By adhering to these by-laws, strata owners contribute to a harmonious community where everyone can enjoy their living spaces without significant disruptions.
Strata properties offer a multitude of advantages that cater to the diverse housing needs of buyers. From affordability and attractive locations to shared ownership of common property, community living, and the presence of by-laws, strata living presents an appealing option for many. By gaining a comprehensive understanding of the responsibilities and regulations associated with strata properties, you can make an informed decision and relish a rewarding living experience.
