In the dynamic and diverse real estate market here in Perth, understanding the nuances of property titles is crucial for both buyers and sellers. Among these, survey strata titles hold a unique position, offering a distinct way of owning property. In this blog we delve deep into the definition of survey strata and compare it against other types of property titles such as green titles and strata titles. So what makes survey strata unique? Let’s find out.
What is Survey Strata?
Survey strata is a form of property title in WA that applies to both residential and commercial properties. It refers to the division of land into individual lots and common property (if any) based on a survey plan. Unlike traditional strata titles, survey strata lots can include both the building and the land it sits on, and there may not necessarily be any shared buildings or facilities. This type of title is increasingly popular in suburban and rural areas of Perth, offering a flexible option for property development and ownership.
If it’s not Survey Strata, what is it?
To fully appreciate the uniqueness of survey strata, it is important to understand the other property titles your residence can hold:
Green Title: The most traditional form of land ownership, a green title property is an independent lot with no shared land or common property. Owners have complete autonomy over their land and are responsible for all maintenance and legal responsibilities. Green titles are often sought after for the freedom and privacy they withhold.
Strata Title: This is a common form of property title for apartments, townhouses, and units, where the ownership is divided into individual lots (e.g., apartments) and common property (e.g., gardens, driveways). Strata titles come with the need to comply with the rules of the strata company, which can include restrictions on renovations and the requirement to contribute to the maintenance of common areas.
Benefits of Purchasing or Selling a Survey Strata Residence
For Buyers:
- Autonomy and Privacy:
Survey strata properties often come with a higher degree of autonomy compared to traditional strata properties. Owners usually have more freedom over their lot, including the land and any structures on it, without the constraints of a strata company. - Lower Costs:
Without the need for common property maintenance or strata fees, the ongoing costs of owning a survey strata property can be significantly lower than those associated with strata-titled properties. - Flexibility:
Survey strata lots offer flexibility in terms of property use and development, subject to local council regulations. This can be particularly appealing for those looking to customise their home or develop the property further.
For Sellers:
- Broad Appeal: The combination of autonomy, lower ongoing costs, and flexibility makes survey strata properties appealing to a wide range of buyers, from first-time homeowners to seasoned investors.
- Market Value: Properties with survey strata titles can often command a premium in the Perth real estate market due to their unique benefits and appeal.
- Simplified Selling Process: Selling a survey strata property can be less complicated than selling a traditional strata property, as there is no need to deal with the intricacies of a strata company or its regulations.
Survey strata titles offer a unique and flexible option for property ownership in Perth. Whether you’re a buyer looking to lower your overall costs, or a seller aiming to capitalise on the broad appeal of your property, understanding the benefits of survey strata can help you make informed decisions in the real estate market.
Contact us today to learn more about your title!