Top 5 New Unit Buyer FAQs
A: Unless you are a professional property investor who knows the rules, then a major property purchase is often clouded by emotion.
The fear of missing out on a preferred location or style of apartment/unit, can see you signing on the dotted line without doing the due diligence.
Understand what strata schemes are about before you go shopping and write a professional strata section 109 report into your budget.
It could ultimately save a great deal of money and grief.
A: A very common complaint from new unit owners is what they have discovered in the fine print after they have bought.
A strata inspection report will show current levy costs; the financial status of the scheme; pending or past building works; the likelihood of special levies; a 10-year budget plan; and all expenses for the past two years.
Forewarned is forearmed.
A: The management committee sets the rules and regulations for the collective property.
Not knowing what they are can turn a dream into a nightmare.
From where to park to whether you can keep pets or renovate your unit in a certain way are covered under by-laws.
Also check whether you are comfortable with the mix of owner/occupiers to tenants or short-term stay arrangements.
A: The strata management should be under the auspices of an established company, with extensive experience in enhancing, managing and protecting the complex as a collective asset.
Rather than just offering the basics, they must, like Independent Unit Management, be focused on not only taking care of the broad range of services involved, but also be proactive in helping to protect and increase the equity of all the property owners in the complex.