Dissolving strata scheme

Is it possible to convert strata plan to deposited plan if you own both the units in a duplex?

 

yes there is a process and cost associated.
it will then revert back to a single lot with a dual occupancy.
what are you trying to achieve, future construction / redevelopment ?

 

Thanks. I just wanted to understand my options. There is no additional space for construction. Being a strata property, it has additional overheads of maintenance and accounting(strata management, levies, etc ..). I think if I own both the units, I wont need to have a strata manager.

 

I had the same conundrum. If not having the strata manager cost is your issue then it is pretty easy to do it yourself. This site gives you everything you need. It took me about 3 months of reading and setting up accounts etc and I have now been doing it myself. Very easy actually.

For everything you need to know about Strata Title in NSW...by Strataman

My issue was whether the extra insurance and rates are offset by the extra value, flexibility and financing options of it being strata titled.
I am still thinking about it. I have a block of twenty and have figured out it costs an extra 1% pa of my initial purchase price. I have been told they would be worth 25% less not strata titled. Plus harder to finance and very difficult to sell (it would be different with two, but still dramatically reduces your options).
I did have a thought. Can I un-strata the re-strata later? I think updating to new fire reg's may be an issue. Also what is the cost? I plan to hold for a very long time but you never know when you may need to sell. Saving all that money every year would be nice.
I have decided to keep as is for now.
Not sure if its the right way to go, to be honest. Good luck with your decision.

 

Better to keep the strata title as it will also be an inline valuation which will be less than separate strata titles by 30% so will eat your equity.

I was a strata manager for 6 years in my first property back in 2000 and it wasn't difficult. The previous manager (done in-house) dumped a shoebox and an A4 file on me and I peiced it together from there.

 

Thank you for the response. Yes, It makes sense to manage it yourself and keep it a strata property. In my case, I currently own one of the unit in the duplex and soon I'll own the second unit as well. I was just trying to plan how i should manage the property after that.

 

Thanks for the advice

 

Parents live in a duplex, strata titled built in early 2000s.

They got rid of the strata company on purchase. Both owners of each side essentially take care of their own property as if it was on a normal title - so no strata fees etc. The only issue they had was the insurance - they couldn't find anyone to insurer both sides separately given the strata title so the neighbour organises the renewal and parents just pay for their share.

Everything is completely separated with exception of the common wall - so each pay their own costs unless something happened to that common wall.