Hello there, I am currently developing a side by side dual occupancy in Bega Valley Shire, NSW. The initial intent was to Torrens title each house, but now there is a new complication and it means that it would cost me an additional 24k (capital works required) to Torrens title instead of leaving it as a Strata. The units would share a common driveway entrance from the road (that branches out to two separate driveways), and share a common wall and back fence. While I fully understand that Torrens title would anyday be the preferred option, can someone please educate me on the pros/cons of leaving it as Starta title instead? Thanks in advance for taking the time to respond.
What’s the finished value of each duplex? For 24k I’d be inclined to pay and have them Torrens titled. It’ll give you more flexibility in the long run. You’ll also find a Torrens titled home will sell easier. If you strata title and hold both long term the impact is minimised. It is likely to mean a number of things including insurance for the common areas and body Corp fees.
Will the additional cost of freehold title outweigh the additional cost for the capital works (ease of sale, higher sales values, appeal etc)? Ask your agent which is preferred & why.
Thank you NIckWCBA and Scott No Mates for responding. Given the potential impact to the final sale price, I consulted with a property lawyer with expertise in this matter. While Torrens is the preferred option in most cases, for my specific case, considering all variables, we worked out that Strata Title is not a bad option either.