Importance of Strata Inspection Reports when buying a Property
Before you purchase a strata property, you need to ensure that your investment is a sound one. The easiest way to get this done is by having a strata inspection done before you sign any papers for the sale.
A strata inspection is done by a professional building inspector and then a strata inspection is written to give an account of the findings. Below we will discuss why strata inspection reports are needed, how they are compiled, and what the process of a building inspection entails.
Montano Strata Management is a strata management company with a difference, we can help you deal with virtually any strata issue that you may have.
What do strata inspectors do?
A strata inspection covers two aspects. Firstly, it describes the state of the building including common areas. Secondly, it investigates the rules and inner workings of the strata scheme to see if there are any clauses that may be problematic to the new owner. Most strata inspection reports also cover the agreement of sale, the operations of the strata title, and other intangible attributes of the property that is being sold.
Why are strata inspection reports needed?
Strata inspection reports are important if you are thinking of buying into a strata scheme. This is because unlike other properties, strata schemes have rules and regulations that you will be expected to abide by after your purchase. You need to be made aware of all of these before you purchase so that you are not found in breach of the rules unwittingly.
A strata inspection report will assure you that you are buying into well-maintained strata and reveal any maintenance issues the strata scheme may have.
What is included in a strata inspection report?
A strata report is an all-inclusive document that covers the different aspects of a strata title.
Included in the report will be:
- The strata scheme’s financial status
- The strata scheme’s budget plan
- The strata scheme’s forecast and sinking fund record
- The strata scheme’s current, previous and pending building works and defects
- The strata scheme’s legal disputes past and present
- The strata scheme’s by-laws and breaches
- The strata scheme’s owners’ voting rights and entitlements
- The strata scheme’s compliance with fire asbestos and WHS requirements
- The strata scheme’s current value
If you are looking to pre-purchase strata reports, give Montano Strata Management a ring today!
Do you have any questions regarding residential and commercial strata management? Are you looking to switch strata managers? Not altogether satisfied with the information you’ve been getting from your current strata managers? Don’t hesitate to contact Montano Strata’s qualified team today.
How to deal with Asbestos in your Strata
These days when we hear of asbestos in a building, there tends to be panic, and everyone starts to fret about the health-related issues that asbestos brings. This was not always the case though, up until the 60s asbestos was widely used in Australia as cheap, easy, and fire-resistant insulation material. For this reason, we still have some buildings that have asbestos.
At Montano Strata Management, we have many years of strata management experience and have dealt with a wide range of strata issues including removing asbestos. In the event that you suspect that your building may have some asbestos, we have a plan that you can follow down below.
Asbestos health risksContrary to what you may have read, asbestos is not always harmful to health. Asbestos can become harmful as it ages or it is damaged. It breaks down into small pieces that can be inhaled and settle in the lungs. With time, these small bits of asbestos in the lungs can cause asbestosis (this is when there are scarring and inflammation in the lungs). Other diseases linked to asbestos inhalation include pleural mesothelioma which is a type of lung cancer that affects the pleura. Minimal exposure to asbestos is harmful so it is important that as soon as asbestos is found in a building, it is removed quickly.
How to identify asbestos in a building
If your strata building was built before 1980 there is a high probability that some asbestos was used in the construction. Asbestos was used in the fibro sheeting in walls and ceilings, water drainage pipes, roofing shingles, carpet underlays, and gutters.
Unfortunately, asbestos cannot be identified by eye in most cases, so if you have an inkling that you may have asbestos in your building, you need to get the professionals in to confirm its presence.
What to do next
If it is confirmed that you do have asbestos on your property, you need to use a licensed professional asbestos removalist. The process of getting asbestos removed is very delicate and can be dangerous to those involved. All residents will need to be made aware of the asbestos removal process that will be taking place so that they can protect themselves accordingly.
If this sounds like a big headache that you are not ready to deal with, give us a ring. We have many years of experience managing strata titles and dealing with any problems that they face. We will be able to help you manage the removal of asbestos or any other challenge you may have.
Making your Strata Property more Sustainable
Strata living is built around residents living in harmony as a community. This can be achieved by having common goals that all the residents aim to achieve. One such goal is to improve the carbon footprint of the strata title. This can be achieved by having green initiatives that promote a greener lifestyle in your strata community. At Montano Stata Management, we have deep experience in assisting our owner’s corporation in reducing their carbon footprint. Below are some of the measures that owners’ corporation can take to make their strata more sustainable.
Did you know that the average Australian household spends 10% of their electricity budget on lighting? Changing to LED (light-emitting diodes) lights or CFL (compact fluorescent lamps) lights greatly reduces the amount of electricity that is used by lighting. Some LED lights use 80% less energy compared to standard lights. If all the residents start using energy-efficient lighting, this will significantly decrease the building’s carbon footprint.
Renewable energy sources
When people think of renewable sources of energy, they think it is hard to implement on a large scale. This could not be further from the truth. Photovoltaic solar panels use sunlight and can light up an entire apartment block. Other energy-saving alternatives include using solar water geysers or harnessing wind energy if you live in a particularly windy area. Some of these initiatives will require approval by the owners’ corporation prior to implementing any of these changes.
Water conservation initiatives
Many regions in Australia are drought-prone and as such, water conservation is very important. Rainwater tanks are useful in that they collect water that can be used for gardening, for the toilets as well as for laundry. These also have the added benefit of having local council rebates in some cases so not only are you saving money on your water bills, but you can also receive a rebate on the installation as well.
Good waste management initiatives
Finally, good waste management initiatives that include recycling can be implemented. Paper, glass, steel, and aluminum can be recycled. Recycling saves the precious raw material reserves that the earth has for use by future generations. It also helps to lower the carbon footprint as there is no energy used to look for new raw materials. For this to work efficiently, a proposal must be approved by the owners’ corporation so that everyone in the strata can be involved.
Do you have any questions regarding residential and commercial strata management? Are you looking to switch strata managers? Not altogether satisfied with the information you’ve been getting from your current strata managers? Don’t hesitate to change your Strata Managers. Call Montano Strata’s qualified team today.