If you are planning to invest in an apartment or townhouse, a strata search inspection report will tell you virtually everything you need to know about the building before you rent or buy it. A strata report can tell you the history of a building or property, including previous owners and legal issues, as well as much more.
What is in a Strata Search Inspection Report
A strata search inspection report is similar to a building report, except the strata search report will include a history of the strata scheme. The report will give you a detailed summary of the building, apartment complex as applicable, which includes:
- Building Defects as well as home warranty claims against defects. Know all about pre-existing issues regarding the structure prior to committing to a purchase or lease by getting a strata report detailing any pending claims.
- Current Insured Building Value
- Status of Sinking Fund – determines how much is available and if there are any deficits.
- History of Expenditures and Income
- Pending Legal Issues
- Pending Disputes
- Adequate Insurance
The Value of a Strata Search Inspection Report
As can be seen from the breadth of the results from a strata search inspection report, you can save a lot of investment money by getting a report prior to signing for a long-term commitment. A strata search report will in many ways serve as a kind of financial health report for the building or complex in which you plan to invest. The information available to you in a strata search report will help you determine in advance the price of the levies, if you are allowed to keep pets, and what the existing bylaws and restrictions in the corporation are.
Strata property is often an excellent investment, but to ensure whether or not you’ve made the right choice before closing the deal, a strata search report is necessary. With it, you can discover if the property is a good place to live, learn what previous buyers have said about their experiences and how well the property is managed. What you are looking for is financial stability, a responsive management, well-maintained property and a solid plan for the future. These are essential.
In many ways, a strata search inspection report is basically the same as a building inspection for a private home, looked at from a slightly different angle. The difference is that, while a strata report will provide information as to how the property is managed and maintained, a professional building inspection will assess the structure and property itself. For a detailed appraisal of a strata building, including plumbing, walls, foundations, and more, you should also schedule a building inspection.
