As a property owner, there are several options to consider when looking to maximize your investment. One of the most lucrative choices available is the stratification of your property. By splitting your property into smaller units, you can increase the value of your asset and potentially generate more income. However, the process can be daunting, especially if you are not familiar with the steps involved. In this blog post, we will provide a comprehensive guide on how to stratify a property.
Before you begin the stratification process, check with your local municipality to ensure that your property is zoned for stratified units. Some municipalities have restrictions on the number of units allowed, and the size of each unit. Once you have confirmation from the municipality, you will need to apply for a building permit. It is important to note that the timeline for approval can take some time, so it is better to begin the process early.
Engage the Services of a Surveyor
Once you have received the necessary permits, engage the services of a surveyor. The surveyor will provide you with a clear understanding of the property’s boundaries. They will also inform you what stage of construction is needed for them to survey the property. By engaging their services early in your build process, they can plan accordingly.
After receiving the necessary permits and engaging the services of a surveyor, you can now begin the construction process. Ensure you follow all the building codes and regulations of your municipality. It is important to hire a reputable contractor to handle the construction process. This will ensure that the work is done correctly and to code.
After completing the construction process, the next step is to prepare the strata plan. This plan outlines how the strata will be divided, specifying each unit. Once the strata plan is complete, it is important to get it registered with the Land Titles Office. The office will review and approve the strata plan and provide you with the necessary paperwork.
The final step is to put in place a property management plan. It is important to find a reliable property manager who will handle the day-to-day operations of the property. The property manager will handle everything from rent collection to maintenance, ensuring that your property runs smoothly.
Stratifying a property can be a lucrative investment opportunity. However, the process can be complex, so it is important to follow the necessary steps correctly. Begin by checking with your municipality for zoning requirements, then engage the services of a surveyor, followed by construction. After the construction process, prepare the strata plan and get it registered. Finally, find a reliable property manager to handle the day-to-day operations of your property. By following these steps, you can create a successful stratified property, generating income for years to come.