Did you know that around 50% of the homes in Perth are strata titled?
Unless you’ve lived in, or owned, one before there is a good chance you won’t know how a strata company operates and how that affects you when investing.
A good strata group or complex should be well managed by a strata management company with a healthy budget. Through proactive forward planning, they should create a reserve fund for future work such as painting so you’re not out of pocket.
Buying a strata property is similar to buying a house on a block of land but instead of just looking at the unit, townhouse or apartment you need to look at the complex as a whole. Is it well maintained? Does it need repair?
A well managed strata group will perform well financially, appreciate faster, and attract better tenants. Buying a cheapie could be costly so be careful.
Important Tip! Some older unit complexes have insufficient power to supply the whole group with air-conditioning so it is best to have an electrician check it out first and check that the group allows air-conditioning.