Here’s what to review when buying a strata condo or townhome. When you’re looking to buy a strata, condo or townhome, it’s important to take a closer look at the community documents. That’s because you’re not just buying your suite but also a stake in the shared spaces. The entire concept of any strata is a combination of shared and individual ownership. Reviewing all the information you can upfront will help you better understand the dynamics of the community.
Stratas come in all shapes and sizes, from apartment-style condo buildings and townhomes to duplexes, tri-plexes, four-plexes, row homes, and even land-only detached house communities. In BC, shared ownership falls under the strata umbrella, which could cover everything from your property boundaries in a bare-land strata to a whole apartment building in a condo strata.
While you’re selecting your unit within the strata, it’s also important to consider the strata as a whole. If the strata is poorly run, it could mean that you’re buying into a problematic situation. So, how can you investigate whether the strata is run well? Well, the best way is to review the official strata records. These documents include financial statements, meeting notes, rules, and building reports prepared by engineers or other experts. The government requires strata’s keep records and these records should be available to all owners.
Taking the time to review all the strata documents before buying can help you make an informed decision and ensure that you’re investing in a happy home and healthy community.
