How can you know if the strata scheme that you plan to buy into is financially viable? This can be done by making sure that a strata report is done on your behalf. Today we will take a look at some top reasons why strata inspection reports matter when buying a property. We will also cover other key aspects such as what is done when a strata report is being compiled as well as what the process of a building inspection in a strata scheme entails. 

⦁ What is a strata inspection?

A strata inspection report (also known as a strata search is a report all purchasers of a strata title, community title or company title property should invest in whether this is a residential or commercial property. This is usually done before the sale of a building or property. For people that want to buy into a strata scheme, it is vital that they get a strata inspection done so that they find out if the investment will be worth their while or not. At Montano Strata Management, we have many years of experience in the strata management industry. We can help you with your strata inspection when you need one performed.

⦁ What is contained in a do strata inspection report?

A strata inspection report is similar to a building report when buying a house. The records of the Owners Corporation must comply with the Strata Schemes Management Act. A strata inspection report will include the following major items such as current owner details, quarterly levies for the property, compliance obligations such as fire inspections, by-laws, proposed major expenditure and minutes of meetings.

⦁ Why are strata reports necessary?

Strata inspection reports are very important when you are considering purchasing into a strata scheme. Strata properties differ from freehold properties in that they are subject to many rules and regulations which you will need to abide by if you decide to go through with the purchase. A strata report enables you to understand whether you are buying into a well run and maintained property.
Conversely, it can also make you aware of any pitfalls that you may potentially get into by proceeding with the purchase. These can be in the form of exorbitant fees, legal issues, residential disputes and any financial mismanagement that takes place in that strata scheme. By so doing, you are protected as a potential buyer and you can make an informed decision.

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.