Congratulations for your desire to join thousands of Australians by buying an apartment. It is critical to note that the purchase of a community or strata title property is not the same as the acquisition of a house. When buying a home in the Melbourne area, you should know that you are not buying the land in which the house is built but the air space. Many real estate moguls are buying off the plan apartments in Melbourne area.The mortar and bricks are usually owned collectively by owners as per the local laws.
Once you buy a house in Melbourne, you will be part of the strata scheme which comes with particular privileges, rights, and responsibilities. You will have to ascend your signature to these terms since by deciding to buy a house in such a place means that you are going to live as a community.
Before you purchase the asset, you will be given a copy of the by-laws to read before you can sign. The purpose of the regulations is to create order; it is to ensure that people co-exist peacefully with their neighbors.
Before buying a given property, it is important to have a Strata Inspection Report done. Before buying the house, you would want to ensure that everything is in order. The strata inspection report will tell you whether the plumbing, sewerage, and wiring systems just but to mention a few are in good shape. No one would wish to spend a fortune in buying a home only to devote more money to fixing the faulty systems in the home. The strata inspection report will check the following:
- The records of the strata scheme
- The notices served on the program and check whether there is any tribunal or court orders
- The minutes if the executive committee and general meetings
- The income and expenditure record
You should know that once you buy the given property, then you will be required to pay taxes in future. The taxes in most areas of Melbourne are either paid after a month, three months, and six months. The revenue that is collected from the levies usually goes in the maintenance and the upkeep of the common areas. These areas include the parking lot, swimming pool, fences, gardens, garages, and lobbies just but to mention a few. The levies also cover the administrative costs, the sinking fund, and insurance which is a must for all the community and strata title properties.