When it comes to buying a home, weighing every option’s pros and cons is crucial. Whether you are a first-time homeowner or simply downsizing, understanding what to expect before making an offer on the property remains a priority. Strata properties are a great option depending on your lifestyle and preference.
Strata property refers to a group of individually-owned units such as apartments, sharing common areas like gardens, driveways, and roofs, among others. The unit owners collectively share expenses required for maintaining the common areas. Strata management services manage the building in line with strata rules, bylaws, and regulations.
Let us look at some of the pros and cons of a strata title:
Pros Of Strata Life
1. Lock and Leave
While you usually would have to worry about who is going to mow the lawn, clean the gutter, shoveling the snow, or even security when on vacation, things are different under a strata title. With strata, all these are taken care of by the strata management services. So, all you have to do if you want to go on holiday is pack your bags and enjoy your holiday.
2. Purchase is Cheaper
Typically, strata units go for lower prices, because you are not purchasing the land. It is a more convenient alternative for first-time homeowners.
3. Location
Anyone looking for a property understands the importance of being close to essential amenities such as shopping centres. Strata unit accommodate many people, and for that reason, most businesses usually set up nearer to tap into the opportunity.
4. Lifestyle
With strata units, you can live in an area that is otherwise outside your scope.
5. Downsizing
Strata units may be smaller than your family house, but the quality is still good. This option is better because your lifestyle is not interrupted.
Cons Of Strata Life
Like everything in life, where there is an advantage, there is most likely some disadvantage to consider. Here are a few cons of strata life:
1. Restrictions
If you ever want to upgrade or make any changes to your space, you need permission from the strata manager.
2. Loss of Value
Your unit’s value significantly depends on whether or not the building receives upgrades or heads downhill. You do not have control over the entire building, meaning if the value drops, so will your unit’s value.
3. Additional Levies Buildings Age
The levies required for maintenance by strata management services are subject to change and most likely to increase with time.
4. Neighbors
If you are unlucky, neighbours can easily interrupt your comfort and enjoyment at the property. Issues such as inter-personal disputes, parking, noise, and others may erupt with everyone feeling they have the right to their lifestyle.
5. Delay in Decision Making
Decision making in strata living may be very lengthy. The delay happens because decisions like installing an air conditioner have to be approved by the Council of Owners.
Bottom Line
If you are interested in strata living, ensure to make all the necessary inquiries regarding the property of interest. Find out about dispute resolution, strata management services, upgrades and more; so that you know what you are getting into before making the purchase. The strata manager should explain everything in detail to ensure that each unit owner is aware of what to expect.
