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Selling Your Strata Property

Selling a strata property is more complex than your typical property. The good news is that the team at Affinity Property can help.

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Selling Your Strata Title Property

Sean McCreanor

Managing Director

0438 115 550
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When you sell a Strata Title Property, you are not selling a regular property

You are selling one piece in a larger Body Corporate with its own rules, regulations, and expectations. As the seller of the Strata Title property, you must keep in mind several important factors to ensure a successful sale. To ensure you get the best price when you sell, read our expert advice for selling your strata title property in Queensland.

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Contract of Sale

The contract of sale for a strata property is completely different than for a house. Using the wrong format will void the contract completely. There are important disclosure requirements when you sell a strata title property. Failure to include the body corporate disclosure statement and other important documents will put your sale in jeopardy. 

As part of your contract you must include:

  • A warning statement in the contract of sale advising the buyer of the cooling-off period
  • A recommendation to seek independent valuation and legal advice
  • Make sure all relevant documents are given to the buyer
  • A Disclosure Statement which outlines:

    ⦿ Whether the strata property has a Body Corporate Manager or the Body Corporate is self-managed

    ⦿ Current levies

    ⦿ Whether there is a Committee or a Body Corporate Manager engaged to perform the functions of the Committee

    ⦿ Assets of the Body Corporate

    ⦿ Identify improvements of the common property that the new owner will be responsible for

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Financial benefits of shared ownership

When selling your strata titled property, your marketing should emphasise the financial benefits of owning and buying a strata title property.

In your marketing material, you should seek to tell prospective buyers that with a strata title, they will benefit from:  

  • Lower cost relative to the land – Buying into a strata title property is less expensive than buying a free-standing property with the same number of bedrooms, bathrooms, etc.  This is due to the fact that with a free-standing home, you pay a premium for land.
  • Decreased council rates – Council rates are based on a property’s overall value. The owner of a strata title property owns a portion of a larger structure, so they will pay a corresponding fraction of the council fees.
  • Lower insurance premiums – All properties require insurance. Strata title properties are smaller and generally more secure than free-stranding homes. As a result, the cost of insurance in much cheaper for a strata title than other types of property.
  • Strata fees are paid quarterly – This gives owners the certainty to plan a budget in advance, with a clearly defined timeline.

Asking buyers to share in the ownership of a larger property rather than have singular ownership over a house can sometimes be difficult.

By communicating the benefits of owning a strata title property, you can win over potential sceptics and have more potential buyers.

Use Detailed Reporting to Your Advantage

Before you sell, make sure that you collect and provide detailed reports on the finance and operation of your body corporate.

A prospective buyer will not want to get involved in a body corporate that mismanages finances and wastes money. If there is not enough money in the sinking fund, each owner will be hit with a special levy to fund common property maintenance and works.

Providing a copy of the most recent body corporate budget and annual report will reassure prospective buyers that there are sufficient funds in the sinking fund and body corporate budget to pay for future expenses relating to common property, strata management, and additional amenities, like the complex swimming pool.

Information on by-laws

Provide a copy of all relevant by-laws to be observed by the buyer. Most by-laws across Queensland strata titles are quite similar. 

These by-laws govern things such as:

  • Common property – Driveways, car parks, shared walls, stairwells, and other areas used by all members 
  • Pets and service animals 
  • Exclusive use – Gives an occupier special rights over a part of the common property or a body corporate asset.
  • Enforcement – A body corporate is responsible for enforcing its own by-laws. There are a series of escalating steps to take when a member of Body Corporate breaks the by-laws

Make sure these by-laws are communicated to a potential buyer. 

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Emphasise your Strata Property’s Features

Modern strata title properties will usually have communal features and benefits that will increase the saleability of your strata title property. 

These include such as:

  • Pay TV and streaming service paid for under the scheme 
  • High-speed broadband or NBN
  • Pool and spa facilities
  • Security features, such as gates, alarm systems, motion sensor lights, etc

As well as this, the location of the property is an essential selling point as well. Highlighting nearby amenities such as public transport hubs, shops, schools, childcare centres, doctors, playgrounds, and parks can be a major selling point for potential buyers.

By emphasising these features, you get more potential buyers and a higher selling price.

Have a question about strata management?

Where in a typical property buying situation, you would buy a free-standing property on a block of land and own both the property and the land, a strata property is a little bit different.

When you purchase a strata property, you will own the property – whether a unit, apartment, or townhouse – but you will also own a portion of the common property. 

The common property or communal area refers to the parts of the property that are shared by the owners and tenants in the complex or strata building. This might be the driveway, visitor car parks, foyer, gardens, swimming pool, or other shared amenities on the property. 

A strata title property offers buyers a variety of benefits. One of the biggest benefits of buying a strata property is that they’re often a more affordable way to purchase property and is more affordable in living expenses – offering lower mortgage repayments and council rates than a freestanding home. Usually, strata schemes mean that owners don’t need to worry about the maintenance of communal areas on the property and only need to worry about maintaining their own lots. Modern strata buildings will often offer better amenities than the buyer could afford in a freestanding property – such as swimming pools, gyms, tennis courts, and more. 

Strata titles will typically have a strata manager. A property manager is someone who looks after one property on behalf of the landlord. They ensure the property is well-maintained, conduct rental inspections, and offer landlords peace of mind and a streamlined renting process. 

A strata manager works on behalf of all strata owners. Their focus is on any issues relating to the common property and ensuring that the strata property is running smoothly. 

Your strata manager ensures owners are fulfilling legal obligations, maintaining a safe and well-maintained property, and deal with all issues relating to budgets, levies, invoices, and insurances.