Purchasing an Apartment?
30 June 2016
Here are a few tips for when you are purchasing an apartment within a larger strata:
1. Ask the selling agent for a copy of the contract for sale so you can peruse the strata documentation and the latest minutes from the strata meetings. This will give you a quick snap shot of the complex before placing an offer.
2. Always inspect the car park before signing the contracts. The basement car park is the foundation of most buildings and also gives you a window into the type of people that reside in the building.
3. If the complex has a lift, confirm who has access to each level and is the movement of residents restricted.
4. Check the balcony for any water that may pool after rain as all balconies should be designed for the water to drain away easily.
5. Visit the complex in peak times to check the parking arrangements.
6. Confirm with the agent/strata manager that one owner does not own more than 20% of the properties in the complex- as this will mean they have a majority vote at all strata meetings.
7. Confirm there is adequate money in the sinking fund for any projected works.
8. Don't be too concerned about high strata fees- the main issue is to see if you are getting value of money.