COMMUNITY TITLING
Strata Titling for Existing Buildings Or Land
Community Titling (commonly referred to as Strata Titling) is a form of real property ownership which allows an owner to have a share in the common property, in conjunction with their own lot.
ONF Surveyors provide Community Titling services for developers in residential, commercial and industrial settings.
We offer cost-effective community titling for both new and existing buildings or land throughout South East Queensland and the Surat Basin, including Brisbane City, Kingaroy, South Burnett, the Sunshine Coast and beyond. Arrange a consultation today by calling (07) 5422 0200.
What Is Strata Titling?
Strata titling is a common practice in Australia that most often applies when buyers purchase flats, apartments, and townhouses. Strata titling describes a situation where a homeowner has individual ownership over a particular property or lot, such as an apartment or townhouse, as well as shared ownership over an area of common property, such as a driveway or a garden.
Strata titling can apply to both residential properties and commercial properties, and it’s common across Australia, particularly in urban areas. With a strata title, it’s clear exactly who owns what and whose responsibility the upkeep and maintenance of each area is.
What Are The Pros & Cons Of Owning Strata Title Property?
There are many pros and cons to owning a strata-titled property. Strata titles ensure that the division of land and property is clear and defines what each owners responsibilities are for the upkeep of shared land. If you live in a strata-titled property, you can enjoy the benefits of additional facilities including gardens, swimming pools, and parking spaces without having the entire purchase and maintenance cost and responsibilities.
However, it’s also important to factor in the cost of owning a strata property. Most strata-titled properties come with strata levies to cover the cost of maintaining shared facilities and sharing facilities with neighbours – even if you don’t pay much for them – can also cause friction between yourself and your neighbours if you can’t agree on noise levels or privacy issues.
For investors, strata titling offers an exciting opportunity to separate large properties into multiple units or flats for rental or sale. Strata titling can be an effective way to make a profit on property investments provided it’s done the right way.
How To Obtain A Strata Title For Your Property
If you own a large property that could benefit from strata titling, it’s essential to understand the legal steps involved in strata titling. The first stage involves making any building modifications necessary to meet the requirements of modern building codes.
After this, you’ll work with professionals including a building inspector, a property surveyor or a land development certifier, and body corporate manager to sign off the building works, survey the property, and prepare a budget for the community title scheme. Obtaining a strata title for your property is hard work, but it could vastly increase the value of your property as well as make it a more pleasant place to live and work.