Homeowner Provisions | 3 Vital Evaluations Before Buying Into A Strata Titled Property

A strata is a multiple ownership system for several apartments, units or townhouses within a building or community and is usually run by appointed strata managers. Every homeowner typically owns some portion of the shared land if indicated. If you're planning to buy into a strata-titled property, you'll need to evaluate several factors beforehand to ensure that you're making the best decision for your particular situation.

Understand The Costs And Expenses Involved When You Buy Into A Strata Property

Strata homeowners are expected to cover expenses like property insurance, property cleaning, utilities, maintenance and council charges for public shared areas within the building or community. There may also be a certain amount allocated towards re-painting, re-tiling, re-carpeting, general plumbing and other expenses related to the property as it ages. The amount of money you need to pay will depend on the size of your apartment or townhouse, so there's no one size fits all policy here. As a general rule, if you have a larger house, then your contribution towards the strata scheme will be more than another homeowner with a smaller house within the same building or community.

Know The Rules Of Your Strata To Ensure That They Suit You

Every strata has a set of different rules and regulations pertaining to specific properties and communities, so you cannot assume that every one is the same. For instance, a strata may have a strict 'no pets' policy, while some may have a 'specific pets only' policy and others may have a 'liberal pets' policy. Similarly, some strata properties have to comply with specific colour rules for alfresco areas, while others can choose their own colour schemes. You will need to comply with all the rules set out by the strata management, so make sure they suit you properly before you decide to buy in.

Get A Copy Of Any Documents Prepared By The Strata Management

The strata management teams typically prepare documents related to prior meetings, strata by-laws, maintenance schedules, strata members, colour schemes, levies and other details that will be vital for you to review before you decide to buy the home. If you don't understand much of the laws on your own, you may want your solicitor to review the documents to help ensure that your interests are well protected before you decide to purchase a strata-titled property.

Buying a strata-titled property could be extremely beneficial because the rules will ensure that the exteriors of your building or community are well protected, but make sure you're comfortable with all of them before you sign on the dotted line when purchasing a home.