Buying home units is often much more difficult than buying a house. The building is controlled by the owners corporation which can frequently feel like you are dealing with the government as it can control your life in so many ways.
Before you bid at an auction or sign any contact you need to satisfy yourself as to a number of matters including the following.
Check what you are buying. Does the unit include a storage space/room, car space or a garage? With the usual strata title these extra spaces can be part of the title. An easy way to check is to add up any bracketed numbers of the lot you are buying on the strata plan to make sure they total the area for the lot you are proposing to purchase. It is also possible for a unit to have “exclusive use” of other parts of the building.
The by-laws and any amended by-laws should show areas of exclusive use and many other things. The by laws largely govern the way the building is controlled and expenses paid.
Current & future works
Unit buildings often have problems, even new buildings. Water penetration can be a very nasty, expensive and long term problem. Also the local council frequently require work to be done on a building such as fire safety issues.
There are three types of levies, administration, sinking and special. The last one is generally for unexpected (and maybe large) expenses.
We can organise a strata inspection report detailing past meetings of the owners corporation and its records generally which will give you an insight as to the above matters. We can also arrange other reports such as a building report for the unit and the building generally.