Buying a Strata Vs. Buying a House

You often hear people say that they want to own land and for that reason they would only buy a traditional detached house. Like most other decision you re going to make there are ups and downs. Let s go over the pros and cons of each one. First let s define what a strata home is. A strata home can be a detached house, a condo/apartment or a townhouse. The buying and selling process is just the same as long as it’s a freehold strata and not leasehold or a shares in cooperative. In this article we’re only going to cover freehold strata. When you purchase a strata property you own the structure or improvements as it’s called on your property taxes. But you don’t own the land underneath it. Your value of the land is a portion of the whole strata community based on your unit entitlement. So you can’t tear your townhouse down a rebuild. That’s where the notion comes from that you don’t actually own land if you’re in a condo or townhouse. Being part of a strata also means the

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