Strata is a new concept Australians have come up with, and it just might be the best thing out there for anyone looking to get into property ownership. Even though it’s still fresh and innovative, the concept has gained a lot of popularity and is becoming even more easily accessible. Still, to many, this concept remains foreign. Simply put, this is a way for one person to own just a part of a lot and share the ownership with a strata company. This makes things much easier, more affordable and brings only the good for everyone involved.
1. What are the regulations
The first thing you should get acquainted with is the regulation of strata. Government regulations are the backbone of your strata, but also the condition under which the strata is able to operate freely. The government also decides how lot owners are treated. This is because lot owners are often viewed as a whole but are individuals at the same time, and need to be treated accordingly.
Since the increase in popularity, strata owners have become more protected which is another reason why this is a good business to get into right now. A strata also has its own committee which governs it and passes its own laws.
What all future owners will be happy to know, is that strata is actually very low maintenance. This is mainly due to the fact that apartments are more common strata properties. That leaves out caring for the yard or garden right away and leaves only the interior. Speaking of, the interior is much smaller and requires less attention than that of a house.
Finally, let’s not forget that the maintenance costs are shared and won’t end up costing a lot. Due to the fact that the property isn’t that big and doesn’t have outside areas, the bills will be cut in half right away. Divide that between the rest of the owners, and you’ve got very little expense.
3. Obligations of the owners
As a lot owner, you are bound to have certain obligations toward the property. All of the lot owners will have to abide the same rules, don’t worry. Even though the obligations may sound scary, they’re actually quite expected in such an establishment and are basically the minimum you can do for the good of your strata. As a lot owner, you’ll have to pay all the rates that are due. That implies the council, water, electricity, and whatever else you can think of in the context of an apartment.
What’s more, you’ll need to regularly notify the Owners Corporation of any change in use, occupancy, or ownership. Next, don’t forget about your manners towards other occupants. Finally, you’ll have to pay close attention to the scheme’s by-laws.
4. What’s a strata manager
The main thing you need to know about strata is that it carries certain titles within the system. The most important of those is a strata manager. This is a professional who manages daily affairs within a strata community. What that can include is the conduction of meetings, the arrangement of repairs, the collection of strata levies, and management of financial affairs within the community.
Every strata needs a good manager, which is why you shouldn’t hesitate to spend a little more money. Companies such as Eling Strata Management that have great expertise in this area are able to provide you with invaluable information and advice on how to improve your strata community and fix all the inconsistencies within it. Having someone like that on board will prove to be the biggest asset your strata can hope for.
5. The price
Lastly, let’s not forget one of the most appealing features of any strata- the price. It’s a much more affordable way of getting into the property business. This is mostly due to the fact that there’s no land involved in the purchase. Buying apartments is inexpensive compared to purchasing whole houses.
The price is also that affordable because the company hires a third party to get lower rates when it comes to the bills. Doing so also gives it the choice to reduce the bills of all the occupants and keep the difference between the wholesale and retail price.
As you can see, strata is the future. Australians have really outdone themselves with an idea like this, and it’s likely to modernize the way we perceive buying properties today. For years, and even decades, people have been searching for something this simple and effective. Now is the best time to get into strata as it’s not yet so popular that there’s a lot of competition, but it is popular enough for you to be able to reap the benefits. Being one of the first in the business will also benefit you in the future.
Liam Smith is a young and aspiring Australian blogger with a passion for everything related to home improvement, design and style. He has a B.Sc. in Interior design and is an avid reader.