If you're buying a strata property, you've probably been told to get a strata report. But what does it actually tell you?
A strata report gives you an independent summary of the records held by the Owners Corporation. It helps uncover information that isn't obvious during an open home or building inspection.
What information is included?
While every building is different, a strata report may reveal:
The financial health of the Owners Corporation.
Current and planned maintenance works.
Building defects or water ingress issues.
Special levies.
Insurance details.
Meeting minutes and recent decisions.
Any significant issues affecting the building.
Together, this information helps you build a clearer picture of the property before making one of the biggest financial decisions of your life.
Why is it important?
A property can present beautifully while still having issues hidden within the strata records.
For example, the records may show:
Major repairs being planned.
Building defects under investigation.
Upcoming expenditure.
Long running maintenance issues.
Financial pressures within the Owners Corporation.
Knowing about these matters before you buy allows you to make a more informed decision.
Every building is different
Some strata schemes are exceptionally well managed. Others may have maintenance, financial or governance issues that deserve closer attention.
That's why reviewing the records is an important part of your due diligence.
Questions after you've read the report?
One of the advantages of using Coastal Strata is that you're welcome to contact us after reading your report if you'd like clarification on anything we've found.
Sometimes a short conversation is all it takes to better understand how a particular issue fits into the overall picture of the building.
Learn more before you order
If you’re new to the process, our Help Centre has a sample report, short guides and answers to the questions buyers ask most. Or just give us a call on (02) 4297 2555.
