Prior to purchasing a strata title investment property, we strongly recommend landlords have a strata inspection undertaken for the property. The strata inspection is similar to the pest and building inspection that is undertaken when a person buys a home.The strata inspection report details the financial health of the strata plan; including the likelihood of the imposition of any additional levies due to required building works or other commitments that the strata plan may have. The report confirms whether there are any levy contribution arrears upon the lot which may be transferred to you should you not be aware of this at the time. The report also details the resolution of past meetings of the strata plan and future budgetary requirements of the building, which may affect the returns that your investment property may have and any restrictions upon possible re-sale of the property.
As with a pest and building report, the strata inspection report is vital to ensure that you are purchasing a unit within a trouble-free strata plan that may cost you more in the future.