WHAT IS A STRATA REPORT:
WHY YOU NEED IT
If you're thinking of buying a unit or apartment, getting a strata report is crucial. It reveals issues about the complex that you should consider before making a decision to buy.
What is a Strata Report?
A strata report provides a building's history and essential details for living in a strata property. It covers financial status, pending works, special levies, past expenses, and a 10-year capital works plan. It also includes by-laws and potential issues like disputes, which could impact your living experience in the scheme. Here's what to look for in a strata report:
Financial Health:
Lot owners pay quarterly strata fees for maintenance, covering tasks from cleaning to repairs. Sufficient funds are crucial to avoid unexpected fees. If funds are insufficient, owners may face additional costs through special levies. Checking for adequate funds reduces financial strain. Also, ensure insurance is current, matches valuation, and is not more than five years old.
Capital Works Fund:
All buildings are required to have a 10-year Capital Works Fund plan, which begins at the first Annual General Meeting (AGM) and is reviewed every five years. It's important to assess its current status and anticipated future works to determine the necessary funds and the overall condition of the building.
By-Laws:
By-laws are rules for all owners and tenants covering areas like pet ownership, noise, parking, smoking, renovations, and short-term letting. Carefully read them to see if they affect your lifestyle, as each strata scheme has its own set of by-laws.
Major Defects
Check for major building defects such as combustible cladding or waterproofing issues. Reviewing past capital works can help identify recurring defects, indicating potential problems to avoid when purchasing the property.
Tenants Disputes:
Check the committee minutes to see how neighbours get along and handle disputes.
Cost to Obtain a Strata Report:
Strata reports typically range from $300 to $400 each. Before obtaining one, check with the real estate agent as they may already have one prepared for the sale.
We're here to support you through the entire home buying journey.
Make an enquiry
Send us an enquiry or call us on 1300 103 998. Our team will call you within 30 minutes during business hours. Our service is free of charge.
Get a pre-approval
We’ll review your situation and help you understand what you can afford by obtaining a pre-approved home loan.
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House Hunt
Once pre-approved, you can start house hunting. If you find a property you like, inform us, and we'll provide detailed property reports to assist your decision-making.
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Settlement
Once you sign the contract, our team will manage the loan settlement with the bank.