The Elephant in the Room
The Elephant In The Room Property Podcast with Veronica Morgan & Chris Bates

Episodes

Episode 18 | What happens if you buy strata property without adequate research? | Reena Van Aalst, Strata Central

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How to best prepare for the experience of owning an apartment or townhouse.

Strata manager Reena van Aalst gives an in depth perspective on strata living, highlights the pitfalls for the unwary and advises how to ensure you don’t live to regret buying into a strata complex. She gives us the benefit of her experience and uncovers:

  • The crucial information missing from most strata reports.

  • Early warning signs for buyers that a building could be a no-go zone.

  • Issues that cause pain for buyers of new apartments.

  • Horror stories of buyers who’ve bought without doing a strata report.

  • The type of buyer best suited to strata and those who should never buy an apartment.

  • Why your lawyer may not warn you of all the pitfalls.

  • What to do if you want to buy into a pet friendly building.

  • What rules can be enforced and to what extent.

  • How to best prepare for the experience of living in a “democracy”.

  • The responsibility of an owners corporation and consequences if they fail.

  • How entitlements and levies are calculated.

  • What a capital works forecast is and how they can be used.

  • Why special levies are raised and what owners can do about them.

  • How much work a strata manager does and how to get rid of a dud one.

All this as well as explanations of multifaceted strata, cost-sharing, community title, building management committees, tumelo and other things you’ve probably never heard of.

Links:
Reena’s website:
www.stratacentral.com.au

Veronica’s video on what to look for in a strata report:
https://gooddeeds.com.au/buyers-agents-sydney/7516/

Chris Bates