Buying an apartment: Understand the basics of strata

23.1.14Owning metropolitan property in Sydney is a desirable position to be in, and one of the best assets that could be in your possession over the next few years. With the expected population boom heading towards the New South Wales capital, central business accommodation will be in hot demand.

However, there are a wide range of things to investigate when considering the purchase of an apartment. While detached homes have their fair share of things to look into, apartments have a range of specific issues that need to be take care of.

Maintenance Costs

Buying into an apartment is known as entering into a strata scheme. The thing to remember is that the apartment building itself is owned by the collective of individual owners, which means working with the other owners in your building to ensure everything runs smoothly.

This includes discussing any repairs that need to be undertaken, or any complications that may have arisen between meetings. Furthermore, everyone chipping in for fixing or altering communal areas isn’t uncommon.

Strata Inspection Report

Following on from the previous point, before moving in it could be a good idea to secure a copy of the building’s strata report. This will serve a number of purposes and help you to make an informed decision about your investment options.

It will look into the records of the building to give you an overview of the property as a whole, as well as things like accounting records and committee meeting minutes to aid the transparency and honesty of the entire situation.

Furthermore, things like insurance policies, certificate of titles, an approved budget and any other agreements that have been instigated by the strata committee will also be provided – in order to provide you with all the information needed to make a good choice.

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