Strata Title

[GreenTreeFrog]

We have a dual occ corner block with two street facing, free standing houses on it. Last valued by the bank 12 months ago at $580k.

To subdivide, it will cost us about $30k as we need independent sewer connection installed for the second house.

We have already gone through the process of getting approval to subdivide so we can do it, we just never did it.

It has been dual occ for about 5 years now. We never wanted to subdivide before due to the cost plus paying double rates. We would now like to utilise the extra equity we would get if they were on separate titles.

Our other option is to strata title the property so they are on two titles but share the sewer stuff. This is a lot less expensive but I would like an idea on how it affects the property values.

Would being strata title significantly affect the individual property values?

Can I torrens title it at some point down the road if it is already strata?

Does anybody have any experience with this sort of thing?

Thanks!!

 

[Propertunity]

Hi GTF,

Torrens title (from a resale perspective) is always the prefered option, if you have a choice. Many potential purchasers avoid strata titled property due to the perceived issues with strata (BC etc).

I know when you are talking strata and there are only 2 properties involved (like a duplex for instance), that it is a non-issue. As I said it is more of a perception than a reality....but you know what they say about that