Question: I have never owned a strata before and am unsure of what I need to do before buying into a complex to ensure I don’t get surprised with hefty costs.
Answer: It is important to undertake due diligence to do proper checks for any matters that are not formally disclosed to you.
This is a problem that all buyers encounter when purchasing into strata. It is important to undertake due diligence to do proper checks for any matters that are not formally disclosed to you. Especially with the number of defects that are arising in buildings across Perth affecting owners costs without a lot of notice.
As a buyer, you can request to inspect the strata records to identify any issues you may need to be aware of before making your decision to buy. Searching records for a person without strong strata experience can be daunting, as records are often voluminous, and hidden issues are not always easy to see. Sometimes the seller themselves aren’t fully aware of all issues within their complex as a lot of the work happens behind the scenes between the strata manager and the Council of Owners.
The best way to get all important information is to engage a professional strata records inspection company to search the records for you and prepare a formal strata report. The report shows buyers a full run down and health check of the strata scheme, noting any issues that may be of concern or warrant further clarification. Any building reports on record would certainly be provided as a copy to you along with all relevant other documentation for your peace of mind. This will not only reduce your risk of overlooking important information but will also give you access to the inspector who will be able to assist you with understanding these issues better. Head over to the EYEON Property website if you would like to see a sample of a strata report.
While strata reports are not free, they are still the cheapest and the most important element of the buying process, especially given that most people are putting their life savings on the cards.
You could also try tabling your questions in writing for the sellers/agent for their response and they may be able to get you the information you require. Often, there will be fees associated with this (from obtaining copies from the strata company) that the seller may request you cover. They also may not be able to obtain the required information or respond with what you need in its entirety.
Kylie Nelson
Eyeon Property Inspections
E: kylie.nelson@eyeon.com.au
P: 0401 448 308
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