Arranging building inspections by a strata inspector before a purchase is the easiest way to ensure that the property needs to be safe and comfortable living in.
In this post, we’ll discuss what does a strata inspector does, why strata inspections are important, what they do, and their process in a building inspection.
What Does A Strata Inspector Do?
Strata inspections in a strata property have two parts. First, the strata inspector checks the existing state of the building’s actual brick and mortar. Second, the strata inspector assesses the rules and the strata scheme’s rules and inner workings.
A strata inspector will assess the strata agreement itself. They will focus on the operations and property’s intangible attributes.
Why Are Strata Inspection Reports Needed?
Strata inspection reports are essential if you are looking at buying into a strata scheme. Compared to freehold properties, a strata property is subject to a whole range of rules and regulations. All of these are the things you need to abide by.
Moreover, a strata report also reassures you that buying into a well-maintained property has clear by-laws and reasonable levies. Your report, done by a strata inspector, should also reveal any flaws. These include residential disputes, ongoing legal issues, financial mismanagement, and exorbitant fees.
Even if you don’t intend to occupy the property, it’s important to remember that a poorly managed strata scheme can affect your unit’s rental and re-sale return. This can lead to the potential to drain your time, finances, and resources.
What Will the Strata Inspector Include in the Report?
Your strata inspector will create a report and include some details about the property, the scheme, and its processes, including:
- The current value of the building.
- The financial status of the scheme.
- The cost of current levies and the likelihood of special levies.
- The sinking fund records and forecast.
- The budget plan.
- The copies of meeting minutes, insurance, and building reports.
- The list of expenses for the past two decades.
- The current, pending, or past legal matters or disputes.
- The current, pending, or past building works or defects.
- Any known disputes or disharmony within the scheme.
- Due payment of levies.
- Current or Proposed Special Levies.
- Information on breaches, bylaws, and disputes.
- Individual property entitlements.
- Current owners and people of note.
- Voting rights and your unit entitlement.
- Compliance with Work Health and Safety Obligations, fire, and asbestos requirements.
- Voting rights and entitlements.
- Pet and animal approvals.
- Information in the records approving animals.
- Cost of the sinking fund and administrative fund.
- Current legal matters or any legal matters in the past 3 years.
- Breaches of by-laws (rules and regulations for this building).
- Building defects or homeowner warranty claims for defects.
- Major income and expenditure over the past 3 years.
- Know if the building is insured or not.
- Any compliance-related matters within the records such as balcony and window compliance.
- Sinking Fund forecast (a report prepared to detail what the levy contributions should be over the next 10-15 years including detailed maintenance).
- Known disputes within the Strata Scheme.
- Copies of Executive Committee Meeting Minutes, Extraordinary General Meeting, and Annual General Meeting Minutes.
- Copies of building reports extract from compliance reports.
If you want to learn more information on the cost of hiring a strata inspector, get in touch by calling us at 02 9613 3353 or email us at email@example.com, and our friendly team will be glad to assist with you.