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Purchase
Series
First Time Home Buyer

Things You Need to Know Before Buying in a Strata Building

Series
First Time Home Buyer
Episode
5

Things You Need to Know Before Buying in a Strata Building

Sep 10, 2020
With
Pilot

Buying in a Strata condominium or townhouse are popular home options with many benefits, but with these benefits come some pitfalls you need to watch out for.

2:20

Key Take-Aways

#1 – Ensure Strata Documents are Readily Available

Documents you need:

  • strata documents
  • engineers reports
  • depreciation reports
  • meeting minutes
  • insurance papers
  • ENSURE YOU HAVE ENOUGH TIME TO THOROUGHLY REVIEW DOCUMENTS)

#2 – Purchasers Need Time To Review Strata Documents

Most importantly, YOU are the intended purchaser of this property. You should have ample time to review these documents while you are also working on booking your home inspection, re-negotiating your offer to purchase and ensuring that you have your financing in place.

#3 – Self Managed or Poorly Managed Stratas

Better to find out early on and possibly before spending hundreds on a home inspection that the Strata Corp has failed to order a Depreciation Report, or that the contingency funds are not there to support the ongoing maintenance that your home will need.

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