Tenants and Landlords often come across some weird and wonderful words when they’re talking to real estate agents, and a common question our property managers hear is “what is a strata title?”
Answer: A strata title or scheme is a building or a collection of buildings where people own a portion of the entire property but also share a common area that all of the owners must maintain. Basically, that means a block of units, apartments or townhouses.
The important things to know about living in a home that is part of a strata title is that you need to obey special rules called by-laws. Owners also pay a levy each quarter that helps to maintain the common property. Some of the rules that you may expect to see for a strata property may include parking restrictions, not being able to keep pets or guidelines to maintain the appearance of the property.
The by-laws of a strata property are pretty much in place so that everyone on the property is happy with the common property and everyone can live near each other in harmony. If you are unhappy with a by-law, as an owner you will have the option to go to an Annual General Meeting to motion for any changes you want made.
The benefits of living in a strata property as opposed to a house is that there’s generally less maintenance, common property (i.e roof tiles, fences, windows, brick work) maintenance is managed by the Strata body, it can be very comforting living in a close knit community especially if you’re of the elder generation, and it’s generally cheaper than a house to rent or buy.
If you are still confused about strata titles or schemes, please feel free to ask us anything.