Things To Research When Buying A Strata Unit

In addition, most people feel that it is a more convenient way of living, rather than maintaining an entire house and garden, and perhaps less strenuous on the budget as well.

If you are on the lookout for a strata unit to call your own, then an important first step is to get a strata inspection in Sydney done by a certified and experienced inspector. These inspectors will check on a number of matters regarding the strata scheme, including its history, legal disputes, major repairs and financials and make up of the strata owner’s corporation, so that you have a comprehensive report to make an informed decision. These strata reports in Sydney and elsewhere are a cost effective investment, and a way of ensuring that you are making the right decision.

If you are getting a Northern Beaches strata report before deciding on your purchase, then here are a few things you need to pay special attention to.

• Management – it is important to know whether the strata scheme is managed by an owner’s corporation or investors, since they are the people who will manage, maintain and handle the insurance of the main buildings and common areas of the scheme. It is best if there is an owner’s corporation because these people are on-site and have a vested interest in the scheme. Although investors too have an interest in the scheme, they are not always present, and this can pose problems when certain issues need to be addressed. Another thing to remember is that when the owner’s corporation consists of a large number of people, decision making can be difficult since there will be more disagreements, hence a small-scale owner’s corporation is best.
• Financial and other records – One of the most important aspects to be checked when it comes to a strata scheme are the financial records. The owner’s corporation should have sufficient funds to maintain the scheme and also have enough funds for day-to-day activities and minor maintenance. If they don’t have enough finances to carry out major repairs then you may have to get them done which will cost you a lot of money. In addition, it is also good to have a look at the legal history of the scheme, for any signs of lawsuits between owners and the owner’s corporation or outside parties.
• Repair records – As important as the financial and legal records are, so are the records regarding repairs carried out at the scheme. You will need to check thoroughly if there are any current major repairs going on, what has been done in the past, and what kind of issues they have faced through the years. It is important to note down the major repairs that have taken place, because you don’t want to be burdened with paying parts of expensive repair bills, soon after moving into your unit. In addition, you can also get a good idea regarding the structure and construction of the buildings and find out if the work has been done according to the highest possible standards.
• Regular maintenance – Another important aspect to check on is whether regular maintenance of the scheme has been taking place, because many older schemes tend to neglect small on-going repairs and maintenance, meaning that sometime later something major is bound to happen, and you as a new owner may have to foot the bill to have these issues rectified. It is vital that proper future planning in has been done for the maintenance of the properties, and not just for a couple of years into the future, but a considerable amount of time. Make sure that the property you are wanting to buy is maintained and kept in good occupiable condition.

If you think buying a strata unit is easier than a house, then think again, because there are many things you will need to check up on before investing your hard-earned money in a unit. This is why doing a strata inspection in Sydney is so important, because the inspectors will check everything that needs to be checked and give you a full report on the scheme.