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If you’re interested in purchasing an apartment or unit, whether it’s to LIVE IN or as an INVESTMENT PROPERTY… it’s best to be aware of your rights and more importantly – the matter of SHARING SPACE with your fellow strata owners.
Inside your apartment is your very own SANCTUARY… but the steps from the building front door to your front door… are common space and belong to everyone.
Have a professional search of the books and records of the body corporate to view the finances and any issues the body corporate is facing. This will help ensure there are no costly surprises.
2. The Levies
Make sure you budget for levies to fund the annual running expenses of the body corporate and its long-term maintenance. This will help protect the value of your property.
3. Take Walk Thru
Have a good look around the property and make sure it lives up to the architect’s plan. Check that the car space or garage you were shown is correctly allocated to your apartment. You’ll also get a better idea of the size of the complex, noise levels and who you may be living in your building.
4. Know the Rules
Get your hands on a copy of the by-laws that are specific to your body corporate and learn your RIGHTS. The more you know, the better.
5. Take a Close look at the Condition of the Building
Is it going to need a serious injection of money to repair it in two or three years time? It may look good on the surface but on closer inspection, will it require major repairs?
Do you have a furry or feathery friend who is moving in with you? It’s best to check with the body corporate as to whether your building allows small animals. Don’t take the real estate agent’s word for it, best to double check.
Don’t risk being clueless, make sure you find out what emergency procedures are in place or who to contact on your executive committee in case you have an emergency in your building.
8. Get Involved
It’s your home, your building so take an active interest in what goes on. Attend the annual general meeting so you can have a say on important matters and consider becoming a member of your building’s body corporate.
Living in an apartment building can be a great experience but if your neighbours are always playing loud music or leaving rubbish in common areas, it can become infuriating. So, please be respectful.
10. Get to Know your Neighbours
Creating a friendly environment starts with a smile. Knowing your neighbours and looking out for each other makes everything less stressful and more enjoyable.
For more details on what to expect from Strata Living… call our friendly staff at Holland Searches on 0481 258 182… and we’d be happy to answer your questions.