5 Questions to Ask Before Buying into a Strata Property Can I please see the pre-purchase inspection report?

It’s a sensible idea to ask your solicitor to order a Strata Inspection Report. This document includes current finances and insurance cover for your shared property, as well as a history of levies for your unit and all forthcoming payments due. Basically, it shows the status of key information for your strata scheme that you need to know about. The document is so important because building defect reports might be available and information on current lot owner's and building issues/repairs. How much will I be paying in levies? Levies are the regular payments that owners make towards the management and upkeep of common property in the strata scheme, such as roofs or corridors. Will you be able to afford the current levies as stated on the documentation? Would you be able to afford a little more in case costs go up, or there’s an unexpected repair that needs to be covered by a special levy? What condition is the building and property currently in? The levies set out in the strata scheme’s documentation may seem low, but if the property is old or in a state of disrepair you will want to consider how that may impact on future payments. If the roof of the apartment block looks like it will need an upgrade soon, you will be partially responsible for that cost as an owner. Proactive strata managers will be planning ahead when it comes to predicted maintenance and managing costs so that owners won’t be slugged with a huge bill all at once. A 10 year Budget list would be in the Strata Report. How do you find living here? One of the fastest and easiest ways to find out how well the strata scheme is managed is to speak with other residents on the property. Knock on the door and politely ask them how they find the area and the management of their strata scheme. Are there any ongoing arguments over common property? Your potantial neighbours may or may not be willing to share this information but if they are, you could be making a much more informed decision. Will I be able to have a pet? Whether you already have a furry friend or plan to get one while residing in the new property, it's wise to ask whether the by-laws of your new strata scheme permit pet ownership and how strict these rules are. Even if pets are allowed by the by-laws, it's important to keep noise and mess to a minimum to ensure you don't disturb other residents.