It’s important that you do your homework when you buy a strata titled property, or you could find yourself paying a lot more than you bargained for. Alternatively, you could find yourself allowed to DO a lot less than you bargained for!
Whether it’s pet ownership, levies or the use of common areas, there can be plenty of room for conflict. Knowing upfront how it works and the ‘personality’ of the body corporate can save you lots of grief over time. Here are our top 7 recommendations for things to ask about when buying a strata property.
1. Can I see the financial statements for the strata company?
If you take a look at the financial statements you will be able to find out a few things. You should be able to get an idea of the outlay for repairs and maintenance (or lack of outlay, which can be just as concerning). You can also see what the financial position is for the strata company – how much is in the sinking fund, for example, and whether most owners are paying their levies on time.
2. Can I see the minutes of the last few AGMs?
Again, this will give you an idea of the status of the strata company. You will be able to glen some knowledge about issues, disputes, conflict within the owner community, costs, changes and matters of importance over the past couple of years. You will also be able to see how well or how badly records are being maintained and compliance achieved, and who is doing what role.
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