You’re thinking about buying an apartment. You’ve never owned one but you think it’s more feasible than a detached home for a number of reasons, starting with the financial one.
With apartments come stratas. With stratas come rules, or bylaws.
Just like buying a detached home, when you buy an apartment you also want to avoid surprises.
So here’s a few things — neither good nor bad — for you to check:
• Monthly strata fees can vary a lot, depending amenities like gyms, pools, hot tubs and concierges, and whether these are view properties.
• Some strata councils have rules that prohibit barbecuing on the balconies.
• Recycling is usually a rigid procedure that must be followed.
• Rentals can be restricted in a complex, and Airbnb may be forbidden.
• Window coverings, whether curtains or blinds, may have to be universal.
• Pets are sometimes allowed, and sometimes not.
Strata councils are elected by the owners in a complex, so the bylaws reflect the wishes of the majority of owners. It’s important to request and read all the information provided by a strata before becoming an owner.