Starting Out in Strata: A Free Checklist for First-Time Apartment Owners
Purchasing your first apartment is an exciting milestone, whether you’re a first-time homeowner or an investor. While strata living offers shared amenities and a sense of community, it’s important to understand the property’s condition and your shared responsibilities as an owner.
At Flex Insurance, we’ve created the Strata Starter Checklist—a free downloadable resource designed to help you navigate the complexities of strata living and make informed decisions.
Strata properties come with unique considerations, from shared responsibilities to addressing potential building defects. The Strata Starter Checklist provides the knowledge you need to start off on the right foot with your body corporate.
Key Questions to Ask When Purchasing an Apartment
Before committing to a strata property, it’s essential to evaluate the building’s condition. Here are some critical questions to consider:
- Are there signs of structural defects?
Look for peeling paint, cracks in walls or ceilings, or efflorescence (salt deposits). While these may seem minor, they could signal more significant issues if left unaddressed. - What is the external cladding material?
Ensure the building complies with safety standards, particularly regarding cladding materials like aluminium composite panels (ACP) or expanded polystyrene (EPS), which may require costly re-cladding. - Are there any signs of water damage?
Water leaks, mould, and rising damp are common in strata properties. Investigate the history of water-related issues and whether they’ve been properly resolved. - How old is the building?
Older buildings may have outdated electrical systems that pose safety risks. Ask about the building’s electrical history, including issues with faulty wiring or power outages. For new buildings, check warranties and certifications of workmanship. - What’s the condition of the roof?
A well-maintained roof is crucial for a building’s integrity. Find out when the roof was last inspected and whether any repairs or maintenance are planned. - How do defects impact strata insurance?
Even with defects, strata properties can still be insured. Flex Insurance considers the severity of defects and any remediation plans when offering coverage.
As with all properties it is recommended to pay for an inspection, there may be one that has already been completed, this can include internal and external building assessment and pest inspection.
What’s Inside the Strata Starter Checklist?
The Strata Starter Checklist helps you get organised and ensures you tick off the essential steps to start your journey:
- Know the Basics: Understand strata rules, management, and your building’s history.
- Engage in the Community: Learn roles, attend meetings, and build good neighbour relationships.
- Stay Prepared: Manage maintenance, use trusted resources, and seek advice when needed.
Start Your Strata Ownership with Confidence
Owning an apartment in a strata property can be incredibly rewarding, offering shared amenities and a vibrant community. However, preparation is key to ensuring your experience is smooth and stress-free.
Download the free Strata Starter Checklist today and be prepared as you take your first step into property ownership. With these practical tips and resources, you’ll be equipped to navigate your new property with confidence.