What To Look For In A Strata Report

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If you are considering buying an apartment, duplex or strata managed townhouse, it is crucial to obtain a strata report prior to an unconditional exchange. For private treaty sales this is often done in the “cooling off” period. A strata report provides you with the vital information about the building and overall condition of the property you are considering purchasing. This is crucial information to be aware of as when you purchase into a block or complex you are essentially buying a share of the running of it. Therefore, you not only become responsible for the problems in your property, you also become partly responsible for all the other aspects of the building and grounds. The offer you put forward may need to be altered or renegotiated after viewing the strata records (if there are significant issues)… or in extreme cases, will warn you to walk away from the deal altogether. If there are serious issues, not only will it impact you negatively financially… it could also have an impact on your quality of life for years to come.

Some of the things that you you should look for in a strata report are:

• What regular or special levies you may have to contribute to.
• Whether the strata scheme is adequately insured.
• Whether there is any evidence of structural or major building problems that may cost you further expenses down the track.
• Whether the strata scheme has an adequate reserve of funds for any potential issues or works that may arise down the track.
• If there has been a history of disharmony between owners in the building or complex.
• What works or changes have been approved by the body corporate in the past. A pro-active  body corporate will be willing to make positive changes for the good of everyone in the block or complex.
• What the strata regulations are in place regarding such things as pet ownership, renovation or refurbishment.

With any strata or community titled property there is always a risk that you may be buying into trouble. To avoid any unecessary headaches, a strata search is well worth every cent you will spend as it could potentially save you thousands of dollars and years of trauma.

For further tips and advice regarding purchasing real estate on the Northern Beaches of Sydney, call us today on 0424 006 855. We look forward to assisting you.

About Tim Cullen

Since joining McGrath Estate Agents 18 years ago, Tim Cullen has defined himself as a first class industry leader with an outstanding track record and rapidly growing client base. He consistently ranks in the top 50 agents nationwide in the Real Estate Business’ Top 100 Agents List, ranking as high as 21st in Australia. He is passionate about real estate and delivering premium results for his clients.

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