When purchasing a strata titled property, there’s much to consider before you make an offer. The look and feel of a strata property may draw you in but there are a range of factors to consider before deciding if a property is the right one for you.
Once you find a property you like, we recommend asking to see:
- The Strata Plan and By-Laws; this will specify the common areas of the property (i.e. gym, pool) and whether there are any restrictions to the use of the property.
- Strata levies; once you know the estimated contributions in a 12-month period, you can factor it into your personal budget.
- The most recent state of accounts; this will give you a good picture of the costs of maintenance for the strata title.
- The minutes from the most recent Annual General Meeting (AGM); similar to the accounts, these minutes will help you to understand some of the recent decisions that have been made regarding the strata title.
Receiving all this information about a strata property you are interested in purchasing will offer you some great benefits:
- It will help you to identify the potential health of a strata property, as the sellers are transparent with the information they provide.
- It will help you make an informed decision and offer you the opportunity to compare a number of strata properties to find the perfect property for you.
- You will also understand what is expected of you as part of the strata community. This includes upcoming costs for major repairs and regular meetings to discuss the maintenance of the strata.
Have more questions about purchasing strata? Give us a call on 08 9362 1166 or email us at info@esmstrata.com.au. You can also learn more about strata by visiting the News and Resources page on our website.
