The strata report in Sydney or anywhere else, is a very important document when purchasing a property. It details the condition of the building, its compliance with legislation and any defects that may not be visible to the untrained eye. It is essential to get your strata inspection before you purchase your next property so you can make an informed decision about whether or not it's worth buying.
What is a pre purchase strata report and how does it work
A pre-purchase inspection report in Sydney or elsewhere, is a document issued by a specialist strata inspector after they have inspected the building and found any issues with it.
A pre-purchase strata inspection is a comprehensive building and pest report carried out in accordance with the Australian Standard for Residential Building Works. The purpose of this written document is to provide you with an unbiased view of what is involved when purchasing your new property. A detailed condition assessment together with advice on any significant defects or disrepair which may require attention, are included within this report. Some items that may be identified will include fire safety issues, structural problems, roofing deficiencies, common area maintenance requirements etc. It is important not to miss anything, so ensure your inspector takes their time during the process by thoroughly inspecting every aspect of the property they have been assigned to inspect including garages & carports if applicable.
The inspection in process involves looking for things that don't comply with legislation, or could cause future problems in terms of maintenance costs or compliance with certain regulations. Some common defects include:
The purpose for a pre purchase strata inspection in Sydney is to identify any major defects that may be present with the unit you are about to buy as well as highlighting smaller issues that should also be checked by your lawyer prior to signing off on sale documents. Any deficiencies identified during an inspection will need to be rectified before settlement if they cannot wait until afterwards due to time constraints associated with lending agreements and closing dates imposed upon you by banks or lenders involved in financing your property purchase. A good quality report from a qualified inspector can save you a lot of money in terms of potential remediation costs as well as stopping you from buying a lemon that will cost you money to fix.
Who needs one and when should you order one?
A strata inspection should be carried out on any property you are interested in purchasing. A strata report will be required by your bank if you intend on borrowing money from them for a purchase and must include details of any pending building defects known at time of writing as well as those identified during inspections carried out within 12 months prior or after occupation date (whichever period is shortest). If serious defects have been found regarding fire protection, structural stability and compliance issues then it’s almost certain that lending institutions will not provide finance approval due to increased risk involved with the property.
What to expect from the report?
A strata report should outline the overall condition of the building and identify any defects or maintenance issues that may need to be addressed. In addition, it will also give details of the financial status of the body corporate, so you can see what fees are being charged, as well details regarding legal matters, major repairs carried out, issues between body corporate and owners, planned future works, and any legal proceedings.
The report may also note the presence of any asbestos, formaldehyde insulation or loose fill asbestos in building materials so they can be handled correctly.
There will likely be a list of common property items that need to be repaired or upgraded which fall within body corporate’s responsibility and this should be noted by potential buyers as well. In addition, there maybe termite infestations indicated if it is pest prone area which means further investigation into whether homes have been treated for termites just prior to occupation due diligence needs to take place regarding insurance issues etc before signing off on contracts.
Another important part of a strata inspection is checking compliance with local council regulations including drainage systems, access pathways and many others. A strata report may reveal some important information regarding the building’s structure. Checking for any cracks in foundations, leaks around windows and the roof is essential to ensure that there are no serious structural problems with a unit or building itself.
Why you should always buy a pre purchase strata report before buying a property in Australia
Getting a strata inspection done prior to purchasing a strata unit in Australia is an important step that every potential buyer should take. You can get a pre-purchase strata report done by an independent company or engage the services of your real estate agent to help you find one before purchasing a property.
How much does it cost?
The cost for getting a strata inspection done will vary based on the type of report that you choose to get, as well as from where it is being carried out. If hiring an independent company then expect the price tag to be higher than if engaging your real estate agent's help in finding
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