Strata title system was established in 1961. While you are occupying part of the multi-tenant property the strata manager will oversee the maintenance of the infrastructure and common areas. As well you have to pay a certain amount of money to the strata manager for maintenance. Strata title can apply to residential as well as commercial properties with a single building or group under a single roof. Let’s have a look at the benefits of conversion to strata title that is stated below.
Advantages:
Strata titles are applied to the subdivided building including townhouses, flats, high-rise buildings, apartments and commercial buildings. The strata schemes give property owners more control over the space they owe. When you say you occupy a space or an apartment, you have to show valid documents to prove it. Strata title is the proof of your property ownership. These will result in a higher market value for the same flats or apartments.
Another advantage of living in a strata title property is low maintenance. If any repair needed for the building will be taken care of by the owner’s corporation. The owners get to vote on bigger decisions and it is considered a transparent and equitable system. These are some benefits of conversion to strata title. Before taking your final decision just read this blog thoroughly.
Which is better for you? Company Title or Strata Title
Under the company title, any building or flat is owned by the company. So, while buying a portion within the apartment, you do not own that unit. But when it comes to strata titles you have shared ownership and all responsibilities for that portion including driveways, gardens and more. Depending upon your financial condition and your intention, you can choose either company title or strata title. But if you want to know my opinion then I would suggest you opt for strata title as it is a more modern and flexible system as compared to company title.
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