Purchasing a strata or survey strata property in Western Australia can be an excellent investment, but it comes with unique considerations and responsibilities. Understanding the key differences and what to look out for can help ensure a smooth buying process. Here’s a comprehensive guide to help you navigate the purchase of a strata or survey strata property in WA.
Understanding Strata and Survey Strata Properties
Strata Property
A strata property typically involves shared ownership of common areas and facilities (e.g., gardens, pools, gyms) with other unit owners. Each owner has a title for their unit and shares responsibility for the upkeep of common areas through a body corporate (strata company).
Survey Strata Property
A survey strata property is similar to a standard lot but within a strata scheme. Owners have their own land parcels without the need for common walls, though there may still be some shared facilities or infrastructure. Survey strata properties usually have less shared responsibility compared to traditional strata schemes.
What to Look Out For
1. **Strata Fees and Levies**
Both strata and survey strata properties involve fees and levies to cover the maintenance and management of common areas.
Tips:
- **Understand Fees**: Obtain details of the current strata fees and levies. Consider how they impact your budget.
- **Special Levies**: Check if there are any upcoming special levies for significant repairs or improvements.
- **Budget and Financial Statements**: Review the strata company’s budget and financial statements to ensure it is financially healthy.
2. **Strata Management and By-Laws**
The strata company manages the property and enforces by-laws that govern living conditions and property use.
Tips:
- **Management Company**: Investigate the reputation and performance of the strata management company.
- **By-Laws**: Obtain and review the by-laws to understand the rules and restrictions, such as pet policies, noise regulations, and renovation approvals.
- **Meeting Minutes**: Review the minutes of recent strata meetings to identify any ongoing issues or upcoming changes.
3. **Condition and Maintenance of Common Areas**
The condition of common areas can significantly affect your living experience and property value.
Tips:
- **Inspection**: Inspect common areas for maintenance and cleanliness. Look for signs of neglect or required repairs.
- **Maintenance Plan**: Check if there is a long-term maintenance plan and whether it is being followed.
4. **Insurance**
Strata properties require insurance for both individual units and common areas.
Tips:
- **Insurance Coverage**: Ensure the strata company has adequate insurance coverage for common areas and the building structure.
- **Personal Insurance**: Consider additional insurance for your personal belongings and any interior modifications.
5. **Dispute Resolution**
Disputes can arise in any shared living arrangement. Understanding the process for resolving disputes is crucial.
Tips:
- **Dispute History**: Investigate any past disputes and how they were resolved.
- **Resolution Process**: Familiarize yourself with the strata company’s dispute resolution process.
6. **Future Developments and Upgrades**
Potential future developments or upgrades can impact your property’s value and livability.
Tips:
- **Planned Developments**: Check for any planned developments or upgrades in the building or surrounding area.
- **Impact Assessment**: Assess how these changes might affect your property, both positively and negatively.
7. **Size and Layout**
The size and layout of strata properties can vary, affecting your comfort and use of the space.
Tips:
- **Practical Layout**: Ensure the unit layout meets your needs, with adequate living space, storage, and privacy.
- **Floor Plan**: Review the floor plan to understand the unit’s flow and functionality.
8. **Community Living Considerations**
Living in a strata scheme means being part of a community, which comes with both benefits and challenges.
Tips:
- **Community Feel**: Visit the property at different times to gauge the community atmosphere and noise levels.
- **Neighbours**: Try to meet some of the current residents to understand their experience and satisfaction with the property.
Conclusion
Purchasing a strata or survey strata property in Western Australia requires careful consideration of various factors specific to these types of properties. By understanding the financial commitments, management structure, condition of common areas, and community dynamics, you can make a more informed decision and ensure a positive living experience. Always seek professional advice and conduct thorough due diligence to navigate the complexities of strata living successfully. Happy property hunting!
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