As individual incomes continue rising in Australia, the demand for real estate property keeps increasing by the day. This, in turn, is inflating property prices across the country. Real estate property in major towns and cities continues to attract huge interest from many potential property owners, mainly because that's where well-established infrastructure and social amenities can be found. In recent years, strata living seems to be in-thing in most of these areas.
If you are looking to buy a decent home in a major town or city in Australia, here's why you should consider investing in a strata titled property.
- It is tailored to increase affordability of decent housing. As expected, the ever-increasing demand for property in major towns and cities has seen the cost of decent housing hit the roof. As a matter of fact, only a small fraction of the general population can afford to purchase a decent home in these areas. The concept of strata living is designed to allow individuals to own housing units without necessarily straining their financial muscles. What happens is that multiple housing units are built on the same property, and each individual is allowed exclusive ownership rights over the unit they purchase.
- It reduces the need to care for the entire property yourself. If you are one of those individuals who would like to avoid the hassle of maintaining a large property themselves, you will love strata living. The responsibility of taking care of this type of property won't entirely fall on you, as you will only be required to maintain your housing unit and let the strata managers do the rest of the work — that is, ensure driveways, playgrounds, and other common property are well-maintained. You will, however, need to part with a little sum of money to cover the cost of maintaining common property.
- It provides a community living environment. As strata titled homes are not freestanding properties, they provide a community living environment. This can give the feeling of safety, as you will feel safer knowing that there are other homeowners living within the same property as you.
Before purchasing a housing unit in a strata scheme, it is vital to ensure you are well-acquainted with how the scheme works. Talking to a certified real estate agent about properties for sale in you area ahead of time can help you get the insight you need to make an informed investment decision. Big money will be involved, so you need to have the right information.Share