Whelan Property

Strata Management Sydney

Things to Consider Before You Buy a Strata Property

Before buying a strata property it’s advisable to do inspection and research of the records and accounts of the owner corporation, because later as an owner you might have to face number of issues .So it’s better to be knowledgeable about strata property before you can make a decision to buy.

There are so many things which you can’t be observed in visible inspection .So you need a help from strata search report which includes financial status of the scheme ,pending building works, special levies , 10 year budget analysis and basic information about insurances ,by-law ,disputes etc.. Then you need to be sure about specific query of buying unit such as:

  • Whether the building is adequately insured?
  • Is the amount of insurance referring to recent building valuations?
  • Does the Strata Scheme have a sinking fund?
  • Are there any special levies?
  • What are the current balances in the Administrative and Sinking Fund?
  • Is Owner corporation is involved with any current litigation?
  • Are there any restrictions on the use of common property?
  • Are animals permitted? And if so, are there any terms or conditions?
  • Have any alterations to the unit been approved by the Owners Corporation?

You should be aware about strata lifestyle before you plan to settle with in it. So that you can realize the differences between strata living and living in a normal house.