What you need to know before buying a strata unit

However even when investing in a strata unit, it is important to get a strata inspection in Sydney, so that you can make an informed decision.

A strata report in Sydney will outline all the required information for you, since these inspectors will delve into the finer details, the history, the inner workings of the committee and all other relevant details so that you know what to expect from the strata scheme.

Here are some things you will need to know before deciding to invest in a strata unit:

• Minutes of strata management council meetings.
• Their law and regulations.
• Any amendments to bylaws.
• Financial records and budgets.
• Any correspondence between owners and the Strata Council.
• Details of any resolutions dealing with changes to common property.
• A list of Strata Council members and owners.
• Strata plan and any amendments.
• Monthly strata fees and details of any special levies.
• Amounts by which the expenses of the Strata Corporation are expected to exceed the budgeted expenses.
• The strength of the contingency reserve fund.
• Details of any current or previous repairs.
• Details of any future major repairs planned.
• History of any legal battles between the owner’s corporation and strata owners.
• Details of any other pending legal matters.

These are vital information that any person looking to invest in a strata unit should know before they make a decision to purchase one, because otherwise they will have major problems later on, especially if the owner’s corporation is not a very active one that hears complaints and issues faced by the owners and is able to resolve them in a timely manner.