Strata is a mode of property ownership for multi-level apartment blocks with shared areas. This also includes parcels of land subdivided into condos, townhouses and duplexes. It is the most common form of ownership in most parts of Australia. More than 2.2 million people, about 10% of the population, have used these strata schemes.
The popularity of strata living continues to rise because of many reasons.
A small piece of land can be developed into many strata housing. This makes it more affordable to own property in relation to the land it occupies. A stand-alone house in the same parcel of land would have been more expensive. So, if you are looking to own property, strata lots can be sold at a lower cost.
Security and Maintenance
Every lot development is managed by a strata company. The company takes care of security and handles all the basic needs of the property. A strata manager is able to organize repairs where needed and handle things like pool and garden maintenance.
The increase in population has had many people in need of down-sizing. Living in large families has people needing more space to move around. Strata give one the option to move to a more desirable location with an upscale luxury apartment. Here you will have access to facilities that one could not afford before. An added bonus is that this relieves you of having to do repairs and other maintenance.
Buying into a strata property gives one the option to purchase affordable strata property closer to a city or beachfront and the facilities they offer. This is because of the low prices of buying into strata. One will have the opportunity to live close to entertainment and cultural areas. This also means you get to live in proximity to public transport so the days of being late to work are over.
Modern strata complexes have amenities like pools, barbecue areas, gyms, and other facilities that are kept and maintained by a strata manager. Owners pay levies that are budgeted that help reduces the costs of upkeep and maintenance of these facilities. This means you don’t have to mow lawns, empty trash bins, or clean gutters no more!
Strata living has been known to bring neighbours together to socialize. They become close and participate in activities together. like form clubs and associations together for things such as holiday parties, children’s football or even book clubs! These communities also form strong and coordinated owners’ councils that manage the property effectively.
The rise in professional strata management companies
A professional strata manager will manage a complex efficiently. This will attract more clients to buy into their services or buy in the case of owners. Strata corporations set their own rules to guide the behaviour of residents at the property. This will help control those neighbours who neglect the property. It will also help you avoid the hassle of dealing with the local government to deal with development or maintenance issues.
There are many reasons that strata popularity continues to rise every day. Many are attracted to the lock-up-and-leave lifestyle, where you can just pick-up and go any time without worry of security and property maintenance. There is a host of amenities that are now easily accessible and more affordable. There is very little upkeep needed as well. One will also make positive connections. This will create small communities where people look out for each other.