Amidst a pandemic, many more people are spending less on travel and more on acquiring property.
If you’re in the market for a new home, you may have heard the term ‘strata title property’. These types of property gives you two types of ownership of the home you purchase. You have sole ownership of your property. This may be a unit, townhouse or apartment. Typically, the individual property is referred to as a ‘lot’. You also have shared ownership of all of the shared property, including gardens, foyer and driveway.
A strata title is a popular home to purchase with over 270,000 strata titles all over Australia. Some of the benefits of purchasing a lot in a strata title include:
- Low level of upkeep
- Access to amazing amenities such as pools, saunas and gyms
- A strata company and strata manager that takes care of day-to-day building management
One aspect that may seem a negative, but is actually a huge benefit, is strata fees. These fees are often paid by owners of lots within a strata title on a quarterly basis. The fees you pay cover many important costs, such as cleaning, gardening, building maintenance and building insurance. As a lot owner, you do not have to worry about these as they will be taken care on your behalf.
Although the fees may cut into your annual budget, they can save you money in the long run. When you own a home that is not part of a strata title, you have to consider all the maintenance as needed, such as replacing the roof or sprinkler systems.
Another big draw of owning a strata title is the fact that you have a voice. As an owner, you join the strata’s Council of Owners which means you get to be involved in decisions about how the shared property is managed.
Lastly and possibly the greatest benefit is the sense of community you get to experience with your fellow lot owners.
Want to know more about strata living? Contact us today here: https://esmstrata.com.au/get-a-quote/