A "strata-titled property" is the term used where individual owners own their specific unit (like an apartment or townhouse) within a larger building. If you’re planning to purchase a strata-titled property, you’ll likely want to secure a strata inspection before handing over any money and moving in.
In this case, you’ll want to hire and work with strata inspection specialists to get the information you require to make a more informed decision before purchasing this type of property. That’s where the PropInspect team come in! We offer potential buyers strata inspection reports in Brisbane to help them make the most informed decision.
Strata Inspections
Why You Should Arrange a Strata Inspection
When purchasing a strata property, it’s important to understand more than just the layout and design of the building. A strata inspection provides valuable insight into the property’s overall condition, the management of the strata scheme, and any potential financial or maintenance concerns. Whether you’re buying to invest or live in, arranging a strata inspection can save you time, money, and a lot of headaches. Here’s why it’s a smart choice.
Understand the Property’s Condition: A strata inspection will give you a clear picture of the property's physical condition and the upkeep of shared areas.
Review the Management and Finances. This will give you insight into how well the strata scheme is managed, its current financial stability, and whether there are any upcoming expenses.
Identify Potential Issues: The inspection can help uncover hidden defects or problems that could result in costly repairs down the line.
Know Your Responsibilities: Strata properties have shared rules and responsibilities. Understanding these before you buy can prevent future conflicts.
Assess Ongoing Costs: You'll learn about the strata fees and how they fit into your budget for both current and future expenses.
Evaluate the Property’s Investment Potential: A thorough inspection helps determine whether the property is a good investment, considering current conditions and long-term prospects.
Our Strata Inspection Process
At PropInspect, we provide comprehensive strata inspections that cover both the physical state of the building and the overall management of the strata scheme. Our dual approach gives you a complete picture of the property’s condition, helping you make the most informed decision.
Here’s a breakdown of these two essential components:
Brick & Mortar Inspection: This involves an assessment of the physical condition of the building, common areas, and shared amenities. This helps ensure the property is in good knick and makes sure you’re aware of any potential repairs or defects before purchasing.
Strata Scheme Review: This involves a detailed assessment of the strata's management and financial standing, giving you a clear understanding of the property’s long-term financial viability.
With our physical strata inspections, we’ll attend to the property only after we seek consent from the property owner and coordinate access for inspection. To complete a review of the strata scheme, we will contact the property's managing agent and body corp. After both of these steps have been completed, you will receive an in-depth strata inspection report detailing all of our findings and recommendations.
What Does a Strata Inspection Report Include?
So you understand the two key focus areas of a strata inspection, but what exactly does the report include:
Property & Management Overview
Individual property entitlements
Current owners, managing agent, & exec committee
Copies of meeting minutes & building reports
Known disputes or disharmony among residents
Building & Property Condition
Current condition & value of the building
Current, pending or past building works or defects
Compliance with fire, WHS, & asbestos requirements
Financial Information
The financial status of the strata
Sinking fund records & forecast
Past, present, & future special levies
Budget plan
List of past expenses
Legal & Governance Matters
Voting rights & entitlements
Current, pending, or former legal disputes relating to the building
Copies of insurance papers & history of claims
Info on breaches and by-laws
Book an Inspection
Book a professional building inspection today and get peace of mind knowing your property is safe and secure. Don’t wait—schedule now to uncover hidden issues before they become costly problems!
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