'GOOD TO KNOW' SERIES | PART 2: What does Strata Title mean?
When buying a property that is part of a Strata title, you not only own the unit, apartment, duplex or townhouse (called the lot), but you are sharing the ownership of what's called 'common property' which includes areas like foyers, lifts, fences, gardens, swimming pools, car parks etc.
These areas are the shared responsibility of all property owners of the building. Strata title properties come in many forms, residential units or apartments and townhouses are the most common—but they also exist in commercial property, serviced apartments, retirement villages and some retail.
You can change or renovate your strata home (interior only) if the changes are cosmetic, for any building or structural works you will need the approval of the strata manager/committee.
There are fees involved which can vary greatly, depending on the type and quality of the individual property being considered.
A strata report can be very helpful in determining the viability of purchasing a strata titled property.
The need for building insurance is usually covered in the strata fees (always check your contract for confirmation), you will however need to organise your own personal contents insurance.