Here’s What You Need To Know If You Are Considering Buying A Unit In A Strata Building

Strata housing is a collection of privately owned units within a larger complex. Condos, townhouses, and duplexes are often owned in this way. Strata housing is popular in BC as one third of BC residents live in a strata home. They are usually more affordable than their single family counterparts.Strata housing is a collection of privately owned units within a larger complex. Condos, townhouses, and duplexes are often owned in this way. Strata housing is popular in BC as one third of BC residents live in a strata home. They are usually more affordable than their single family counterparts.

Comprehensive overview of strata housing and the important documents that potential purchasers should review when considering buying a strata property. Understanding these documents is crucial to making an informed decision and ensuring a smooth ownership experience. Let's recap the key points:

1. Bylaws and Rules: Review the standard bylaws and any addendums that might apply to the specific property. Pay attention to restrictions, such as rental and pet policies, and any future obligations or liabilities.

2. Regular Meeting Minutes: Reading meeting minutes from AGMs and SGMs over the past couple of years gives insight into how well the strata is managed, records of complaints, repairs, maintenance, and any major issues that have arisen.

3. Annual General Meeting (AGM) Minutes: AGM minutes cover the past year's business and outline plans for the upcoming years in terms of improvements and budgets.

4. Special General Meeting (SGM) Minutes: SGM minutes are important if there have been emergency events affecting the whole strata. These minutes could discuss significant or pending issues.

5. Financial Reports: Examining financial reports gives an understanding of the strata's financial strength. The contingency reserve fund and revenue inflows and outflows should be transparent. Be aware of any special levies for future repairs.

6. Depreciation Report: This report outlines upcoming repair and maintenance needs, along with how the reserve fund will cover them. It's a critical resource for understanding potential future costs.

7. Form B: Form B provides detailed information about your strata unit, including fees, restrictions, and financial details such as the health of the contingency reserve fund and any special levies.

Understanding these documents will help potential buyers make informed decisions, anticipate future costs, and assess the overall health and management of the strata property. It's also advisable to consult with professionals like real estate agents, lawyers, and strata management experts to ensure a thorough understanding of the property you're considering.