These charges are variable and would increase if the expenses associated with providing these services escalate. When it comes to the concept, strata and a condo are similar in nature. You would also be owning an individual unit in an apartment complex. The word strata denote layers and the apartments in a strata have two or more layers or levels. The only difference perhaps can be found in British Columbia or Australia and Canada, where townhouses come under the Strata dwelling category.
This category of common interest development is created as a not-for-profit organization which focuses on overall community betterment. Any changes or modifications to a home or apartment needs the approval of the homeowners association. This model of ownership is not restricted to just apartments but is used in housing societies as well. You will be charged a monthly fee towards the maintenance of the property and for improvements that are required.
In case of a co-op association, the real estate which houses the housing society, as well as the common areas and facilities provided, is owned by the housing cooperative. Condominiums charge a certain amount of fees that covers the costs of landscaping, repairs as well as charges for amenities; any rise in the expenses would also result in rising condominium fees.
Essentially, there is no difference between the terms condo and strata, unless you reside in Australia or British Columbia in Canada, where the term has encompassed townhouses within it. It is believed that the term strata was borrowed from Geology, where it meant layers. The term strata was adopted to be used for apartment blocks that had two or more levels or layers.
However, the fact remains that a strata has the same concept of individually owned units with shared common areas. A homeowners association HOA is a not-for-profit organization that is established by, and for the betterment of the community.
A homeowner association governs what kind of changes and developments can be carried out at a home or an apartment. Common property and limited common property. Exclusive use of common property. Different kinds of stratas. Learn more on this page: Stratas: more than condos You can't tell by looking Stratas: more than condos Strata housing is more than just condos.
Strata legislation Owners and residents in all strata properties must the follow the Strata Property Act and regulations as well as the strata's bylaws and rules. Strata associations Strata associations offer useful information for strata owners and strata council members. Find it fast Find it fast one clickable page with all the strata housing topics.
Copy Cancel. Did you find what you were looking for? Thank you for your response. Help us improve gov. Organizations A-Z. Forms A-Z. Most of us know - or at least recognize - each other, and for the most part we all get along and watch out for each other.
For many city dwellers, home ownership in a common interest development CID such as a condominium, strata , townhome, housing cooperative or homeowner association HOA is a desirable and affordable option.
With so many options available, how do you pick the right one? What are the differences between these types of shared ownership arrangements? A condominium is a form of property ownership in which the homeowner holds title to an individual dwelling unit in a multi-unit project, as well as an undivided interest in the common areas lobbies, corridors, elevators, stairwells, etc , and usually the exclusive or semi-exclusive use of certain limited common property such as balconies, patios, storage lockers, and parking spaces.
All unit holders in the project are jointly responsible for the maintenance and repair of the commonly owned areas by paying a monthly condo fee. These common areas are owned and managed by a corporation made up of the owners of the units. Some projects are self managed, but many hire a condo management company to look after the common property, hire and deal with contractors, and take care of routine maintenance and repairs. In Australia and in British Columbia, condominiums are called strata titles and the individual units are called strata lots.
In the UK, a similar form of property ownership is called " commonhold ". There is no material difference between a condominium, a strata title or a commonhold property. Condominium ownership can be residential or commercial. Commercial condo ownership gives small business owners a chance to own the real property in which their business is located for substantially less money than a stand-alone building would cost.
There are some major differences between condominium ownership and other types of common interest developments. Here's a quick overview to help you decide which program might suit you best:.
0コメント