Blocks of units or townhouses are sometimes grouped together in stratas, meaning that they share common areas and pay fees to the body corporate to maintain these areas, which could be a swimming pool, tennis courts or simply outdoor spaces.
If you are considering purchasing a unit or townhouse in a strata, here are some questions to consider.
- What are the fees you need to pay to the body corporate?
- What are the strata rules?
- How big is your outdoor space? Is it private or shared?
- What amenities are available?
- How much storage space will you have?
- How is property maintenance and security handled?
- What is the average vacancy rate for properties in the strata?
- What are your neighbours like? Can you meet them before finalising an offer?
QUESTIONS TO ASK THE STRATA BOARD
Additionally, if you are considering purchasing a property in a strata, you may want to ask the Body Corporate these questions before making an offer:
- What rules and restrictions does the Body Corporate set over the property?
- What does the association do with the fees collected? How much is keep in reserve?
- How many units or townhouses are owner-occupied compared to those owned by investors?
- What is the regular turn-over rate for the units/townhouses? (ie how often are they bought and sold)
- What’s the average vacancy rate?
- Is the property owned by a developer? What other projects have they built?