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Strata titling is a kind of ownership association wherein all owners sharing a common space or living in shared properties would have an agreement of sharing expenses pertaining to maintenance of the entire property, excluding the privately owned spaces.
The simplest example of strata titling is an apartment building which, let’s say, houses a dozen units. The entrance, foyer, lobbies, elevators, terrace and utility areas in some cases along with basements, garages and other spaces are used by everyone residing at the address. These common spaces or amenities are to be maintained by everyone, collectively by agreeing to split the costs. This leads to the formation of an owners’ association and a representative is elected to execute the terms of the agreement. In many cases, the owners’ association hires a property management company or a building manager to execute the terms of the agreement.
Strata titling has many advantages, one of which is an impetus to the resale value of your home. There are many ways to influence the property evaluation and hence its resale price. Strata titling can add as little as 5% to more than 10% to your resale value. Let us explore some of the other benefits of strata titling.
The biggest advantage of strata titling is sharing of responsibilities. A building or a property needs to be maintained. Any one owner or a small group of owners cannot be asked to take up the entire responsibility. Strata titling streamlines the entire process of maintenance and even any repairs or upgrades that are needed in the property from time to time. All owners pay their share where the exact amount is determined based on the square footage of space owned by specific homeowners. Thus, the amount being paid is also fair.
Strata titling has an amazing advantage of facilitating a quick sale. Standalone homes have a certain demand but it wavers from time to time. Strata titled homes are always in demand. People want to live in homes where they don’t have the entire onus of caring for a property or being the sole one responsible for repairs and maintenance. Strata titling is financially rewarding for all homeowners and their families residing in the property.
Strata titling will also ensure that you have a better living premise. The property would be taken care of. The common areas would be cleaner, more aesthetic and the entire setting will be safe, more hygienic and thus pleasant.
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