WorldExecutivesDigest.com | Worry-Free Strata Living | If you are looking to invest in a property but do not have enough budget for a freehold home, then a strata unit is the right one for you. With a strata unit, you will have legal ownership of a part of the entire property. A strata title allows you to share ownership of a whole building or complex along with other unit owners. Examples of residential complexes that offer strata titles are:
- Villas. Villas may mean different things to different people. In the strata context, villas refer to single-story homes with shared walls with well-maintained strata gardening services. Most strata villas are designed similarly to match the overall aesthetics of the community.
- Apartment Blocks. Apartment blocks describe multi-story apartment buildings surrounded by a common area, such as a well-maintained garden or park.
When you purchase a strata unit, you will become part of the owners’ corporation, and you will share the responsibility of making decisions concerning the upkeep and maintenance of the common areas of your community. These communal areas include the following:
- Lobbies and Entryways. The lobby and entryways of a strata community are the most visible parts of the entire property. These areas showcase the overall appeal of the community, and therefore, they must be kept clean and well-maintained at all times.
- The Clubhouse. Some strata communities have a common clubhouse that can be used as an entertainment area if unit owners have visitors. However, most communities rent out their clubhouse even to unit owners, and its usage is on a first-come-first-serve basis.
- Community garden. Strata gardening services add a relaxing atmosphere to a strata community. Large community property may have one or more strata gardens which are strategically placed to be enjoyed by the unit owners.
- The pool. Pools within strata communities are exclusive for unit owners only. There may be some communities that allow pools to be used by the guests of unit owners but only for a limited number of people.
- The driveways, the elevators, and the exterior walls of the buildings
As a strata unit owner, you must contribute to the owners’ corporation through the payment of strata fees. Strata fees are contributions that are collected from strata unit owners or tenants for upkeep and maintenance. The money raised through strata fees are used for the following:
- Maintenance of the building structures. Part of the strata fees collected will go to the costs of annual building repairs to keep the buildings structurally sound and pass building inspection standards.
- Strata gardening services. Money from strata levies will also provide for the upkeep of the landscaped garden areas spread across the strata community.
- Maintenance and cleaning of common areas. Strata fees also pay for strata cleaning services. If you are a strata unit owner, you are responsible for keeping your area clean and tidy. Everything that is outside your unit is kept cleaned using cleaning services paid for by your strata fees.
- Payment for building insurance. Strata fees also pay for the premiums on building insurance.
- Salaries for strata cleaners, caretakers, and security personnel. A strata community has staff members who take care of the maintenance, cleaning, administrative work, and security of the entire community property. Part of the money collected from strata fees is used to pay for the salaries of the staff.
There are several perks associated with strata unit investing. You need not worry about the overall cleaning and maintenance of the entire property since you, along with other unit owners, are contributing to it.
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