Thursday 12 May 2022

7 Tips For Potential Strata Property Buyers

7 Tips For Potential Strata Property Buyers

Buying a strata property in Australia can be a complex process, but with the right advice, it can also be an incredibly rewarding experience. This article will provide potential buyers with some tips to get them started on their journey to owning a piece of Australian real estate.

1 Familiarise Yourself with the Strata Scheme

The first step in buying a strata property is to familiarise yourself with the strata scheme. This will include reading through the by-laws and regulations of the scheme, as well as understanding the financial position of the scheme. 

It is important to get to know your neighbours before purchasing a strata property. This will help you to understand their plans for the property and whether they are likely to be compatible with your own.

2 Seek Professional Advice

It is always advisable to seek professional advice when buying a strata property. A conveyancer or solicitor can help you to understand the legal aspects of purchasing a strata property, as well as advise you on any potential risks. It might seem like a waste of money but hiring a professional can actually save you a lot of headaches in the future. 

3 Be Prepared for Additional Costs

When purchasing a strata property, it is important to be aware of the additional costs that will be incurred. These can include stamp duty, strata levies and council rates. It is wise to have a budget in place for these expenses before making an offer on a property. 

4 Consider the Size of the Property

When purchasing a strata property, it is important to consider the size of the property. It is not always possible to subdivide a property, so it is important to ensure that the size of the property is appropriate for your needs.

5 Weigh Up Your Options

There are a number of factors to consider when purchasing a strata property, and it is important to weigh up all of your options before making a decision. By following the tips in this article, potential buyers can be sure to make an informed decision about their purchase.

This means checking out multiple properties and repeating all of these steps in multiple locations to ensure your new home really becomes your dream home.

6 Be Mindful of the Body Corporate

The body corporate is responsible for the management of the strata scheme, and as such it is important to be mindful of their policies and procedures. It is also important to be aware of the financial position of the body corporate, as this can have a significant impact on your property.

Familiarizing yourself with good strata management practices is also a great idea, as it will help you determine whether the body corporate is paying attention to your rights and fulfilling the given standards. Additionally, it never hurts to have a good relationship with management, as they will always be your point of contact 

7 Be Aware of Your Rights and Responsibilities

When purchasing a strata property, it is important to be aware of your rights and responsibilities. As the owner of a strata property, you will be responsible for paying the strata levy and ensuring that the property is maintained to a certain standard. You will also have the right to vote on matters affecting the strata scheme.

Conclusion

Purchasing a strata property in Australia can be a complex process, but with the right advice it can also be an incredibly rewarding experience. By following the tips in this article, potential buyers can be sure to make an informed decision about their purchase.

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