Selling strata properties is not the same as selling any other property. It is a complex process, involving a variety of different parties and property types.
When selling strata, you should ensure that you have an in-depth understanding of the property you are selling, and it’s unique features. Potential buyers will want to know more about the property, and the options available to them, before making a decision. Having a Strata Manager on board will assist you in understanding the complexities of the different by-laws and boundaries of strata title, and can support you throughout the buying process.
When a buyer purchases a unit in a strata titled property, they are also buying ownership into a larger building, including a portion of the common area – making the process of selling and explaining strata, more complex. Some buyers will have a variety of questions when considering a strata titled property, so it’s vital that you are as informed and concise as possible when answering those questions, and when explaining the terms of purchase.
There are many benefits to owning a strata titled property, such as the access to shared areas such as car parks, gym equipment, swimming pools and BBQ spaces. Owners also pay levies for the ongoing maintenance of shared gardens, walkways, driveways and paths, meaning that owners don’t have to invest additional time and money in the upkeep of their property. Tenants and owners of strata properties also have a much stronger sense of community and safety, and are therefore much happier in their home. It is important that, when selling strata, you communicate these benefits (and more) to your potential buyers.
To assist you, we have put together a handy guide which is useful for anyone looking into selling strata titled properties. The guide outlines the different types of strata schemes available here in WA, as well as the role each individual plays in the management and maintenance of the strata property. We have a guide on how to read your financials, and a glossary of commonly used key terms. We have even included some useful answers to commonly asked questions so that you can be prepared when talking to potential customers. It is a comprehensive and informative guide, suitable for property developers and real estate representatives putting strata properties on the market.