Have you recently purchased or thinking of buying into strata and want answers to the most frequently asked questions?
Strata title schemes offer community-style living, coupled with lower upkeep and shared living costs, making them an attractive option for many. Strata titles allow individuals to purchase affordable housing with traditionally lower purchase prices and shared maintenance costs. However, it’s important to remember that this is a shared property arrangement. Cooperation among other owners, understanding the strata by-laws, and meeting financial commitments are essential to ensure enjoyable community living.
What is a title?
Strata title is a model of property ownership in Australia that allows individuals to buy ownership in a larger property or building. As an owner of a ‘lot’ within a ‘strata complex’, you own your lot as well as a share in the ‘common property’.
There are different types of strata, each with various rights, rules, obligations, documents, and processes attached to them. Every scheme has its own set of by-laws to regulate the conduct of owners and occupiers and to govern the scheme’s operation.
Strata title is a model of property ownership in Australia that allows individuals to buy ownership in a larger property or building. As an owner of a ‘lot’ within a ‘Strata Complex’, you own your lot as well as a share in the ‘common property’.
Types of Strata Schemes
When you buy into a strata scheme, you own your lot plus a share in the common property as described in your certificate of title. There are two primary types of strata schemes permitted under the Strata Titles Act:
- Strata (Built Strata):
- Refers to existing buildings on a freehold lot that have been subdivided into two or more strata lots.
- Common examples include apartments and townhouses.
- Survey-Strata:
- Involves the subdivision of a freehold lot into smaller lots with surveyed boundaries, without reference to buildings on the plan.
- These properties may or may not have common property, often resembling traditional freehold lots.
- Examples include stand-alone chalets and certain types of detached houses.
Understanding Your Lot and Common Property
The boundaries of your lot are shown on your strata plan and can vary between schemes. It’s essential to familiarize yourself with these boundaries and understand what constitutes common property. Common property typically includes areas like gardens, driveways, and communal facilities, which are maintained collectively by the strata company.
The Role of the Strata Company
Lot owners automatically become members of the strata company, which manages the scheme. This entity is responsible for the administration and upkeep of the property, funded through levies paid by lot owners. The strata company ensures that the property remains in good condition and complies with relevant laws and regulations.
Types of Strata Title Properties
Strata title properties can include:
- Apartments
- Units
- Townhouses
- Commercial Offices
- Factory Units
- Retirement Villages
- Caravan Parks
Benefits and Responsibilities
Owning a strata property comes with numerous benefits, such as:
- Shared maintenance costs leading to lower individual expenses.
- Community living with shared amenities like pools, gyms, and gardens.
- Potentially lower purchase prices compared to standalone properties.
However, these benefits come with responsibilities:
- Adhering to the by-laws set by the strata company.
- Participating in meetings and decision-making processes.
- Paying levies and contributing to the maintenance and administration of common property.
Here is a snapshot into strata
Professional Strata Management Services
Exclusive Strata Management (ESM) provides experienced strata managers who offer a variety of professional services to ensure the smooth operation of your strata property. Our services include financial management, maintenance coordination, by-law enforcement, and dispute resolution. With ESM Strata, you can be confident that your property is managed efficiently and effectively, allowing you to enjoy the benefits of strata living without the administrative burden.
Exclusive Strata Management’s experienced strata managers can provide a variety of professional services as requested to ensure that the daily operations of your strata property run as smoothly as possible, contact us
