Strata Titled Subdivided Properties

[lovecolt]

Hey all,

I'm currently looking at this property, which was subdivided ages ago and is under strata titled.

As far as i know, strata titled means pretty much like a strata apartment (bar the levy)

Is this property really considered as a inferior property? Like will it put people off (despite its great location and good renovated)??

Advise would be appreciated.

Regards,
Ryan

 

[Propertunity]

Hi Ryan,

How many lots was the property sub-divided into as part of the strata titling process?

 

[lovecolt]

just 2 property

 

[Propertunity]

OK, when you have a 2 lot strata title sub-division, then there are really no issues with needing a BC or strata levies etc.

This is like a duplex development. Being strata titled in this instance is really not an issue. Most owners in this posdition just treat their own property as their own and fix anything that needs fixing at their own expense.

The only thing I've seen done occassionally, is that they will carry strata title building insurance together.

 

[lovecolt]

Yes, there is a yearly strata insurance (shared by both property owners)

So, its not really inferior, in your experience?? Like people wouldn't really be pull off because of that?

 

[Propertunity]

Look Torrens Title would be viewed as superior but Strata Title with only 2 lots would run a close second. This would not be a reason for a purchaser to pull out of a contract IMO. But buyers pull out for all sorts of reasons - some illogical & purely emotional.

 

[Leghorn]

Actually strata title is the subdivision of airspace under the torrens system so there is no difference to the title from a legal perspective.

 

[lovecolt]

good to hear that its not as bad as i think.

Isn't torren titled property are free to do whatever they want to their property and strata titled, you will need to obtain approval from BC (which in this case, there's none, so as long as the neigbhour agrees)

 

[lovecolt]

Also, will a strata titled property worth less??

 

[Leghorn]

It will depend on the strata plan as to who owns what which will tell you what you can and cannot touch with/without your neighbours consent

 

[Sheryn]

Also, will a strata titled property worth less??

Actually a strata titled property (duplex) is worth more than an unstrata'd property.


Cheers
Sheryn