Thinking of buying a strata property?

If you're looking to buy strata property, whether as a home owner or as an investment, here are some tips from a Financial Review Article, (Apartment traps for first-home buyers), which provides insight on what to consider when buying a strata property.

Before making an initial deposit on any property, we recommend that you first do your research, have an idea what you want and your budget. Have an idea of the market price for the kind of property you’re looking for within the area you want to buy, and discuss with appropriate professionals.

"The cost of an apartment is more affordable than a house, but strata buildings present a raft of fees which can catch out the unwary and need to be accounted for when buying"- Stephen Goddard, strata lawyer and Owners Corporation Network president.

First home buyers should be cautious not to get dragged into the hype of an agent’s sales pitch.

Having clear objectives of what you are looking for will minimise the risk of buying property based on emotions. A cooling off period will allow you sometime to reconsider a purchase before making a full commitment.

The contract contains the terms of the transaction therefore it is important to have all inclusions and any verbal agreements between the parties to be in the contract.

Agents will commonly refer purchasers to solicitors/conveyancers they know and may even present them a list to select from. As a purchaser, you have a choice. It is best to retain the services of an independent solicitor/conveyancer or someone you already know and trust.

The conveyancing process can be stressful. This is an industry where the quality of service you receive reflects the price you pay. Purchasing a property is a big investment and you don't want to find out during the process why your conveyancer charges their low rates; that they are too busy to be contacted, that there are missing documents or lack of, and be faced with unnecessary stress and situations.

If you are thinking of buying or selling a property, discuss your matter with us.

We pride ourselves in providing quality service and guide our clients in each stage of the conveyancing process.

(M.Odtojan)

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