A strata property is a property or collection of properties divided into separate lots, such as apartments. Individuals can then purchase one or numerous lots without having to purchase the entire building. Within the building there will be common areas, foyers and hallways for example, that are shared in ownership.
Some important things to know about owning a strata property include…
- Purchasing a strata property is usually cheaper than buying a freestanding building as you are not paying for the land the building is located on.
- In common areas, the maintenance cost will be shared, making it much more affordable.
- Strata properties are usually easier to rent and sell if you have purchased apartments in a popular development.
- Bank loans favour strata properties, making securing capital for your investment an easy process.
- Many larger strata schemes use a residential management system which makes managing multiple strata properties easy.
The building management of a strata property is simple with MYBOS. Our building and facility management software makes communication with your strata property residents and managers much more efficient. From viewing maintenance requests to parcel organisation, MYBOS streamlines multiple processes and improves the efficiency of building management.
For more information, contact a member of the MYBOS team today!