A strata report provides you with the essential health report on the building or overall property in which the unit, apartment, townhouse etc you are considering purchasing resides. That is extremely important to you because when you purchase into a complex you are essentially buying a share in the running of the entire building or complex. You, therefore, become responsible for problems in all the other aspects of the building / complex including all the other units / apartments, not just your own.
The value that you may consider paying for any strata-titled unit / apartment will be directly impacted by what is in the strata records of that building / complex. If there are issues, not only will it impact you financially but it could have an impact upon your quality of life for years to come.
Some of the things that you will want to know from a strata inspection will include:-
• Whether or not the strata scheme is adequately insured?
• What regular or special levies you'll have to contribute?
• Whether or not there is any evidence of building or structural problems that may forewarn you of further expenses down the track?
• Whether or not the strata scheme has an adequate reserve of funds for any potential issues or works that may arise?
• If there has been a history of disharmony between owners?
• What the strata regulations are regarding items such as renovation, refurbishment or pet ownership?
With any strata or community titled property there is always the potential that you could be buying into trouble, hence it is crucial to find out the real facts. The relatively small cost can easily save you thousands of dollars plus years of trauma. This is the only true form of insurance or protection that a potential owner can and should obtain prior to committing on any strata or community titled property.
For further information on units or Investment Management call Alex 0414 772 771.