Drawing a Clear Line of Distinction Between Strata Titles and Body Corporates
If you do not know where to start your home ownership journey, strata living would be a great place to start. As the cost of owning and maintaining residential property continues to soar up with each passing year, many potential home buyers are finding it increasingly difficult to afford a decent home. That is why strata living has gained so much popularity in recent years, as it recognises that not everyone has the budget for a non-strata home, which is generally more expensive to buy and maintain. But before you can jump into buying a strata unit, it is important to first acquaint yourself with the most important aspects of strata life. This includes understanding what strata titles and body corporates are.
Strata titles
As long as your unit is part of a larger building that has several other units, and you share ownership of common areas, such as parking lots, playing grounds, driveways and pools with other unit owners, you have an ownership stake in the strata title. While you enjoy 100% ownership of your own lot, you are also solely responsible for its upkeep. But since you co-own common areas with other unit owners, you are all jointly responsible for the upkeep of the common areas. As each lot owner has an ownership stake in the strata title, things can get complicated and tussles can easily arise among the various unit owners. That is why body corporates exist.
Body corporates
Body corporates are usually tasked with the responsibility of maintaining the common areas on behalf of all lot or unit owners. Every unit owner automatically belongs to a body corporate, but to ensure smooth running of operations, unit owners may decide to elect a few individuals to be part of an executive committee that oversees the upkeep of the common areas or employ a strata management professional to manage common area facilities on behalf of the owners. The body corporate is also responsible for enforcing all laws applicable to the strata title.
In addition, a body corporate facilitates quick resolution of disputes if and when they crop up. Some of the most contentious issues include noise pollution and car parking.
Now that you are better-informed about strata living, you can consider buying into a strata. If you need any further concerns clarified, feel free to consult a local strata management professional. They will provide you with all the relevant information you need to make a good investment decision.
