Demystifying strata title properties: What First Home Buyers in Western Australia Should Know
By Brett van Son – Property Consultant Abel Property
Purchasing your first home is an exciting milestone, and if you’re considering a strata title property in Western Australia, there are a few key things you need to know. Strata title properties have their unique aspects and regulations that require careful consideration. In this article, we will cover the top three important factors for first home buyers looking to make an offer on a strata title property
Reviewing the Strata Plan and Bylaws
Before making an offer on a strata title property, it is crucial to review the strata plan and bylaws associated with the property. The strata plan outlines the boundaries of the individual unit and common property, such as shared facilities and parking areas. Pay close attention to any exclusive-use areas or restrictions that may impact your enjoyment of the property. Equally important are the bylaws that govern the strata complex. These bylaws cover regulations related to pet ownership, noise restrictions, renovations, and other aspects of communal living. Understanding these rules is vital to ensure they align with your lifestyle and preferences.
Meeting with the Agent and Reviewing the Contract
When considering a strata title property, it is highly recommended to meet with the selling agent to discuss the details of the contract. If distance permits, arranging a face-to-face meeting can be beneficial as it allows you to ask questions and seek clarifications on any terms or conditions you may find confusing.
Final Inspection and Settlement
A week prior to settlement, it is essential to arrange a final inspection of the property with the selling agent. This inspection allows you to ensure that the property is in the agreed-upon condition, and all fixtures and fittings are intact. Any issues or concerns should be promptly raised with the selling agent, allowing time for resolutions before settlement. During settlement, legal and financial processes are finalized, and ownership of the property is transferred to you. It is crucial to work closely with your solicitor or conveyancer throughout this period to ensure a smooth and successful settlement.
As a first home buyer considering a strata title property in Western Australia, understanding the unique aspects of these properties is crucial. Take the time to review the strata plan and bylaws to ensure they align with your lifestyle and preferences. Meeting with the selling agent to discuss the contract and seeking professional advice when needed is essential for a smooth transaction. Finally, conducting a thorough final inspection and working closely with your legal representative during settlement will help safeguard your interests. By arming yourself with this knowledge, you can confidently navigate the process and make informed decisions as you embark on your journey of becoming a strata title property owner.