Buying a unit or apartment in a strata is the best option for first time home buyers. The strata living is preferred by many because it provides the convenience of living closer to the city at lower maintenance costs. If you are thinking of investing in a strata property, here are some quick tips to find one.
- The first step is to inspect the strata, you wish to invest or rent. Inspecting the building first hand helps you to know about the management of the building and the amenities offered at the complex. Choose a complex that is neatly maintained by regular strata cleaning in Sydney and has well-maintained surroundings and amenities. Also, check the books of the strata to know about the management problems and property disputes.
- Apart from inspecting the premises of the strata complex, pay attention to the financials of the complex. You can ask the secretary of the Board to provide all the records concerned with the strata. You can check the minutes of the meetings, assets and liabilities of the building, details about any unpaid contributions from the previous owners of your unit and the sinking fund of the building. The strata should have enough sinking fund to cover any long-term maintenance works of the complex.
- Do not forget to research the maintenance history of the apartment complex. Read the minutes of the committee meetings closely to get an idea about the maintenance and repairs. Though it is essential for the sellers to disclose all the details to the prospective owners, many seldom do so. Hence it is essential to research the maintenance history of the building. Opt for a complex that has maintenance contracts with reputed strata cleaning in Sydney companies. This ensures that the building is well maintained and all the issues have been properly taken care.
- Go through the By-laws of the apartment complex. These are a compulsory set of rules to be followed by the residents, owners and tenants of the building.
- Before you sign the dotted line, know about what all you will own in the building. Know about personal ownership and common ownership of areas like staircases, lobbies and the common amenities. While the common areas will be maintained by the Board through hiring professional strata cleaning in Sydney, the privately owned spaces require maintenance by the owners.