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  • Sonya Lee

Some Pros and Cons of buying a Strata title property

If you are looking for a property to buy, you may have come across the term "strata title". But like many you ask, what does it mean and what are the advantages and disadvantages of buying in a strata title building?

A strata title is a type of ownership where you own a part of a building, such as an apartment, unit or a townhouse. In these buildings you share the ownership of common areas, such as gardens, pools, gyms, etc. with other owners. The strata title building is then managed by a body corporate or owners corporation, which is responsible for maintaining the common property and enforcing the by-laws or rules of the building.

Some pros of buying in a strata title building are:

* You can enjoy the amenities and facilities that are provided by the body corporate, such as pools, gyms, gardens, etc, which are sometimes available in larger developments.

* You can benefit from the security and convenience of living in a community with other owners and residents.

* You can save money on maintenance costs, as the body corporate takes care of the common property and repairs.

* You can have a say in the management and decision-making of the building through voting at meetings or joining the committee.

Some of the cons of buying in a strata title building are:

* You have to pay regular fees or levies to the body corporate to cover the expenses of running and maintaining the building, including the building insurance.

* You have to follow the by-laws or rules of the building, which may restrict your use of your property or common areas, such as noise levels, pets, parking, renovations, etc.

* You may have to deal with disputes or conflicts with other owners or residents over issues such as noise, repairs, fees, etc.

* You may face unexpected costs or liabilities if the body corporate is underfunded or mismanaged.

Buying in a strata title building can be a good option for some buyers, but it also comes with some challenges and responsibilities.

Before you buy, you should do your research and understand what you are getting into. If you are thinking of buying into a strata development, don't hesitate to book in a 15 minutes free consultation so we can answer any questions you might have.

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