BUYING STRATA

Strata propety has several benefits, including that it is usually more affordable than green title dwellings, particularly if yuo want to live in the inner city areas.  Another benefit is that you may have the lulxury of facilities that you otherwise might not be able to afford ina single dwelling, such as a common use pool, gym, secured parking area, or secured buildings with electronic access.

Buying a strata titled unit, flat or apartment (called a lot) gives you the right to own the space inside the walls of your lot, but may include other parts of the building and land if that is shown on the strata plan, and also gives you the right to use areas that are designated as common property.
Before buying a strata titled property you need to see a copy of the strata plan to see what you will own and what is common property.

If you are looking at buying a strata titled property there are a number of things you should ask about.

Membership:  you will become a member of the strata company which entitles yuo to participate in it's management.  Ask about your eligibility to attend meetings to discuss and vote on issues, including expenses, for repairs and improvements to the complex.
(generally there is a council which makes decisions on behalf of all the owners, generally meet once a month or once a quarter, normally voted in at the AGM)

Rules:  You are entering a sub-community living environment, with its own unique rukles (by laws) which everyone is obligated to abide to this could include rules about keeping pets, car parking and the use of common property.  You should be given a copy of these rules before purchasing.

Finances:  What are the strata company's fees and levies, water and council rates?  Does the strata company have enough funds to properly maintain the complex?  What is the financial position of the strata company?  ARe there any pending major maintenance works which may require additional funds (special levy) from the owners?

The Property:  How old is the property?  How often is maintenance carried out?  There may be defects that you cannot see, particularly with multi level complexes, even new buildings, so ask the question "is there anything I should know about this complex that may affect me as an owner"  If the sales agent cant give you an answer, then they should ask the strata manager on your behalf (preferably by email so you have proof of the information given).

Personally owning a few strata properties it is extremely important to find out the financial position of what you are buying into !!  A lot of these old strata's have been owned by retirees who have not provided for the future.  A well maintained big block can be a much better buy than a smaller group - the special levy will always be a lot less.
Also if you are considering living in a strata property then go and rent one for 6 months and see if you actually like living in a multi dwelling as you have to get use to noises that you would not normally hear when living in a green title.  Dont get me wrong it's a wonderful lifestyle and the social side is also fantastic.  Buy into a strata make sure you get involved so you can actually have a say - get on to the Council of Owners.

(If you buy through us you get all your information I can assure you) 

MAKE YOUR OWN DECISION AND GIVE IT A REAL GO !!