For additional information regarding strata living and strata schemes, better ask the assistance of the local authorities in your preferred territory or state. This will be the ideal step in determining if an apartment unit is desirable to live in or otherwise. Remember also to ask the advice of a legal professional or an expert mortgage broker in Rockingham before signing any contract and making deposits.

1. Things to Consider Before Buying An
Apartment Under a Strata Scheme
© The Mortgage Gallery Rockingham

2. Before you purchase a property investment, there are a few key elements of the strata
scheme, which you have to learn:
Property Insurance
Under that strata plan, the entire property is protected with an insurance coverage, in
which case, we highly recommend that you need to insure your personal belongings
with a separate insurance coverage.
By-laws and Restrictions
The by-laws are specific set of rules that each individual living under the strata scheme
is required to follow. It is a standard law by which those living under the strata plan are
differentiated from those owning a personal property. The by-laws are created as a
resolution to issues concerning pet keeping, noise management, and parking privileges.
Pet Keeping
There are particular apartments or unit developments under the strata scheme that
prohibit pet keeping. If you already own a pet, it would be ideal to look into this issue
before proceeding to buy a unit.
Parking Privileges
Sometimes, parking privileges in a common property is likely restricted especially if
there is no consent from the Owners Corporation. Thus, if you own two vehicles and
you are only allowed to have a single parking space, you are given two options, that is,
either you park your other car on the street or pay for additional charges as penalties.
Noise Management
If you love hosting parties, then living in an apartment may not be suitable for you -
unless of course all the tenants within your building love to party too. Under the by-laws
of the strata scheme, anyone who would like to host parties or gatherings has to take
into consideration the right to privacy of all the other tenants, to have a peaceful and
unruffled living environment. As one of the tenants, you're accountable for the behaviour
of your visitors as well.
© The Mortgage Gallery Rockingham

3. Floor coverings
If you have found an ideal apartment, examine the floorboards if it suits your taste.
Otherwise, better ask if installing new floorboards is covered under the scheme. You
ought to think twice if you’d like to forgo your property investment.
Tenants
If you are planning to move in to another home and put up your current unit for lease,
make sure that your tenants will abide by the current rules under the strata scheme.
Prior to purchasing a property investment, it is ideal to conduct your own research and
check all the records by which your property may be subjected to. There could be
provisions within the strata scheme that can greatly affect your ownership.
There are also companies who specialises in managing strata schemes. They usually
charge a small amount for their services and provide you with an informative report
detailing all the relevant issues and provisions you need to know about.
Here are the basic aspects of the strata scheme that you will need to investigate:
1. Strata Roll – this is to guarantee that all the details of the current unit owners are
correct and updated, including the levies.
2. General Documents – to know if there are disagreements between the owners
and what is the proposed legal action from the Owners Corporation to address
the issues which could possibly affect any unit owners way of living.
3. Updated Financial Statements – to check if the scheme is not involved in any
debt and that there is a sufficient fund for future emergency repairs.
4. Existing Insurance Policy – ensures that the property has an insurance
coverage that would protect your rights and privileges as co-owners.
5. Strata Plan –to determine what the boundaries of the common properties are,
and to be aware of any restrictions and limitations of the use of any common
property which can affect the way of living of any owner.
© The Mortgage Gallery Rockingham

4. For additional information regarding strata living and strata schemes, better ask the
assistance of the local authorities in your preferred territory or state. This will be the
ideal step in determining if an apartment unit is desirable to live in or otherwise.
Remember also to ask the advice of a legal professional or an expert mortgage broker
in Rockingham before signing any contract and making deposits.
© The Mortgage Gallery Rockingham