15 Apr The Benefits of Converting STRATA To Community Title

People who are not yet ready to buy a property might be looking for economical options. These include apartments and residential units. They are constantly appealing to occupiers, owners, and tenants because of the benefits they bring. Aside from being cheaper than homes, they don’t need much maintenance. As a result, the ongoing costs are lower.

Apartment complexes are also built in a way that follows government regulations. In other words, these properties are enforced with equal rights and obligations to the homeowners. The rules are under either a community or STRATA title. The former applies to properties with two lots with a common area. On the other hand, the latter applies to various properties including, townhouses, units, apartments, commercial properties, caravan parks, factory areas, and retirement villages.

The Differences Between STRATA and Community Titles

A Conveyancer in Adelaide can provide you with the best course of action when it comes to the two titles. Before committing to a purchase, it’s vital to know the differences between the two titles.

The major difference between the two is the definition of their boundaries. STRATA titles are defined by the building’s structural features. For example, the depth and height of the walls and ceilings are included. As for a community title, it can include a large portion of land and several buildings. In other words, boundaries rely upon the surveyed land measurements.

Under a STRATA scheme, the property is called a unit. But when it comes to community titles, such as gated properties, there is a large development and shared facilities. The owners have their lots that are based on the measurement of their land.

Maintenance-wise, both titles are similar. Every owner is responsible for paying the maintenance. This will depend on the size of their lot.

Why Convert From a STRATA to a Community Title?

A conveyancer in South Australia will tell you that a community title provides you with shared ownership in common areas. Below are the typical benefits of a community title:

• People can take advantage of public facilities including parks, swimming pools, and recreational areas.
• Standardized landscaping and building. This will increase the value of an individual property.
• Management is better when it comes to common areas.
• Insurance policies cover the shared facilities and community lots.
• Other benefits, including bike paths, community events, security patrols, and sports memberships.

Remember that there are also cons when it comes to community titles. The decision on the title ultimately boils down to your financial status and preferences. Also, remember that rules may vary according to your local government. Talk to your conveyancer to know the regulations in your preferred location.

There are legal transfer obligations when it comes to properties. O’Halloran Conveyancing helps future property owners in their purchasing and leasing concerns. Get in touch with us today for more information about our services.