A strata report in Sydney is a thorough review of the physical condition of an asset, including any items that are missing or damaged when considering a strata unit.
Strata documents are very important when buying a strata unit. Reading strata documents and understanding them is vital to avoid any issues down the road. First, you will need to read through all three strata documents; declaration of covenants, conditions and restrictions (CC&Rs), bylaws and rules. Next, make sure that there are no amendments required on your part as a buyer under CCRs or Bylaws. If there are amending provisions then it usually means that further fees may be incurred after closing which could potentially cause financial stress post purchase.
When looking at CC&Rs see what type of pets are permitted in the building, some properties allow pets while other don't. If pets are allowed, check if there are any pet restrictions for common areas.
Check the status of strata fees and levies to ensure that they won't increase dramatically after you purchase your unit. There could be an application fee or even a non-refundable deposit required before signing off on documents so make sure this is clear in advance.
Getting a strata inspection in Sydney can help you better understand the financial situation of the building you are considering buying into. The strata inspection report can help you better understand how well maintained the property is, if any maintenance issues exist, and what kind of costs may be associated with them so that they can be budgeted for before purchase. Reviewing these documents as a buyer will give you more knowledge about your potential new home or investment which could ultimately lead to making an informed decision on whether it is right for you.