Things You Should Know Before Buying Strata Property

As more people opt to buy homes in apartments, it is evident that Owners Corporations are starting to play an important role in property ownership. Purchasing an apartment with a strata title can be both a profitable investment and a wonderful place to live. But buying a family home vs. buying an apartment as part of a strata scheme is very different.


So, you must pay attention to several things if you are thinking of purchasing a home administered by an Owners Corporation. Here are a few tips:


Do Some Serious Scrutinising


Ask the Owners Corporation Management in Melbourne for the Owners Corporation Certificate. Typically attached to it are the Minutes of a General Meeting and Finances. Take a good look at it and find out if the OC has any problems. It may mean additional cost.


Consider Your Budget


There are levies to fund the yearly expenses for running the Owners Corporation. Find out about long term plans regarding maintenance. It may mean an increase in fees. Do remember that these levies will, in the long-term, protect your property’s value. 


Be Aware of What You Are Getting Into


Although the majority of OCs is managed by reputable and reliable Melbourne Owners Corporation Services, some may not be as well taken care of. You must check if the garage space or parking spot you were initially shown is rightly assigned to the apartment you are buying. The details will be reflected in the strata plan.


Is Your Pet Welcome?


Most Australians love pets, and if you have a pet, you need to check with the Owners Corporation Management in Melbourne if pets are welcome. It is best not to take the word of the sales agent regarding this. 


Be Well-Informed


Learn as much as possible about your responsibilities and rights when living in a strata property. Reputed Melbourne Owners Corporation Services providers will have emergency arrangements in place as well as a complete list of people to contact when something goes wrong. 


Investing in an apartment and making it a home is something more and more Australians are doing. If you plan to do the same, you will need to know as much as possible about strata properties and how they work. 

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