People look to buy into a strata for different reasons - often they are cheaper than the equivalent freehold title or perhaps it’s the location or property type that attracts them.
- A strata scheme is a building or collection of buildings that has been divided into 'lots'. Lots can be individual units, apartments, townhouses or houses. When a person buys a lot, they own the individual lot and also share the ownership of common property with other lot owners.
- Whatever your reason for favouring a strata property, it’s important to understand that it is different from a freehold property and that you need to be well-informed about what you are buying into.
What you need to know
- Better buyer information is on its way for strata buyers in WA.
- Living in a strata property is different to a freehold lot. For example:
- Strata owners share ownership of any common property such as gardens, external walls, roofs, driveways and stairwells, and need to share costs associated with this common property, including repairs and insurance.
- In a freehold lot, there are many things you can do without getting approval from your neighbours – like keeping several dogs or having a late night party. However, most strata schemes will have by-laws in place to ensure that people can live in close quarters with one another as harmoniously as possible.