Strata reports are incredibly valuable documents and not just when you’re buying a property. Here’s how these documents affect you and what to look out for.
Strata reports are some of the most important documents that come with a strata property and many owners will have seen one when they were first purchasing a strata unit.
While you’ll normally order one before you commit to purchasing a property, it’s worth revisiting this document once you’ve moved in to consider it with the eyes of an owner, rather than a buyer. Likewise, if you’re looking to purchase another strata unit as an investment property, it’s worth getting reacquainted with what’s in a strata report and how you can use that information.
A strata report is designed to give you a bird’s eye view of the strata’s state. It will give you an overview of completed works on the premises, for example, as well as detail any upcoming projects that you might need to know about. This can be useful if you’re looking ahead to the works that might be carried out and what these would mean for you in terms of access and ongoing costs.
As well as the condition of the strata property, a report will also give you vital information on how the strata works, including bylaws, levies, voting rights and governance of the strata complex. Ongoing disputes can also be incredibly valuable to understand as a new owner, especially if you’re new to a complex and still getting to know what’s going on in the building.