Some of the most important questions to ask yourself when considering the purchase of a strata property are:
What major projects is the Owners Corporation planning for in the future?
What expenses are the Owners Corporation having to face in the future?
How have the Owners Corporation as a group dealt with the big decisions facing them?
The answers to the above questions can be found in the Proposed Major Expenditure section of our report. Proposed expenses most commonly sighted within Owners Corporations include:
- Quotes obtained by the Owners Corporation
- Fire Orders issued by Local Council for the rectification of Fire Safety
- Expert Reports including Building Defects Reports, Dilapidation report, Structural Engineering reports and Termite Reports
- Correspondence between the Executive Committee, Lot Owners, Residents or the Strata Managers
- Work Orders issued by the Strata Managing Agent or Executive Committee
- Insurance Claims History listing Insurance claims lodged for repairs
- Paid Invoices
*Please note that this is not a definitive list of evidence sighted.
This section reports on paid invoices over $1000 sighted for repairs undertaken by the Owners Corporation going back three years (*where available) .
We have split this section into three catergories:
- Water Penetration
This allows identification of major expenditure that has been undertaken in the last 3 years. Common examples of this may include the painting of the interior or exterior of the building, the replacement of major parts of the building including the roof, access control systems and carpets/surfaces. This section also identifies recurring repairs that have been undertaken by the Owners Corporation in the past 3 years.