Condos for Sale – What Do You Look for in Stratas?

First, you should look for a condo expert to guide you through the process. When looking at condos for sale, there are so many aspects of a strata to evaluate, and you need a team of experts (inspectors, accountants, lawyers) that you can trust to give you the right advice.

The Condo Group, Victoria real estate
Long story short, a strata corporation is just that: a corporation. Not many corporations are run by lay-persons. In a strata, however, most are. Your strata council is made up of owners in the building, and unless you are lucky and find accountants, building maintenance engineers, or Realtors to serve on council, there can be a lack of direction on how to properly maintain a building as complex as a condo tower. In my opinion, these are the major categories of what to look for, as this post could not be long enough to go over each aspect in detail:

1. Accounting of the strata: How much are they saving, spending, and budgeting?
2. Maintenance of the building: Is maintenance being done? Planned for? Do they even know what needs to be done?
3. Bylaws: Are they restrictive? Is the council representing the strata? Do the bylaws truly reflect what you, as a buyer, need in a property?
4. Minutes: Is the strata disclosing everything that is happening in the building? Do they meet regularly?
5. Management company: Are they on the ball? Response rates?
6. Depreciation Report: Who prepared it? Is it accurate? Is it being acted upon by strata?

These are just a few aspects to look through. When choosing a real estate agent to help you purchase one of Victoria’s condos for sale, make sure they know every aspect of strata corporations. Or call us. :)– Mike Janes