Things mentioned in a strata report include such information as:
- Financials and management accounts (payslips of the strata manager, any reports or emails from builders).
- Building defects list (this is a great tool to determine if there are any problems t https://npfinancials.com.au/with your property which need to be fixed before you move in).
- Warranties (there may also be information on when they expire and how long it will take for work on your new home to get done after purchase. This is important as delays might push back moving into the unit).
- Another related point worth mentioning here is that buying off plan can sometimes mean getting caught out by unforeseen changes to construction timelines/costs, so make sure you know what lies ahead.
- Insurance policies and what is covered (e.g. is your insurance up to date? Are the contents covered as well as building and structure?).
- Bank statements (make sure you see these, don’t just accept what they tell you on face value).
- Loan accounts (it may be that there are some loans or mortgages attached to the property which need resolving before closing or moving in). If this is not dealt with, then it might not only impact your ability to move into the unit but also cause future problems down the track if payments aren’t made on time. It is important for buyers to be proactive and work through any issues prior to buying a place so they know exactly where they stand once contracts are signed.
Knowing how much you will need to pay each month in terms of levies is also important because it lets you understand how much the unit will cost. You need to know what these costs are so you can work out whether they will fit within your budget. An important part of understanding other fees which might be charged, such as for using amenities like pools etc., is knowing who looks after those areas and ensures they’re cleaned regularly (if at all) and maintained appropriately. If something goes wrong then having information about exactly who would fix it helps buyers avoid any unexpected expense when moving into their new home. It’s also important though not just from a financial perspective but also one of peace of mind. If you’re moving into a building then it can be daunting to know that things might not always run smoothly. Having an understanding of how expenses are managed by who, an