Strata properties are an increasingly popular option for buyers in the Mandurah region. Depending on your budget, you can choose from canal-front apartments, marina developments, beachside units in suburbs like Halls Head and Dawesville, retirement-oriented villa complexes, as well as investment-focused unit developments near the foreshore.
So what is a Strata Property?
In Western Australia, strata properties typically include apartments, units, villas and some townhouse developments. A strata property enables you to own your individual lot while sharing ownership and responsibility for common areas such as driveways, gardens, roofs, lifts, pools, and external walls.
There are two common types:
Built strata – common for apartments and unit complexes.
Survey strata (aka strata survey plan). This often resembles a standalone home with fewer shared facilities and is common for land sub-divisions.
Compared with Perth’s inner suburbs, strata properties in Mandurah often provide larger floorplans and waterfront access at lower purchase prices. However, waterfront locations can sometimes have higher maintenance costs due to marine environments and shared facilities.
You’ll need to do your homework.
There’s lots to consider when you’re buying a strata property. Let’s starts with the costs.
Every owner contributes regular levies (often quarterly) that fund costs like Building insurance. Gardening and cleaning. Strata management fees. Maintenance and repairs. Reserve/sinking funds for future major works. Shared maintenance for pools, lifts, gates and security systems.
Fees are generally calculated based on the annual operating costs, capital works contributions, plus your lot entitlement within the scheme – and of course, every strata property is different.
As a general rule, however, a small villa complex with minimal common property may have relatively low fees. Conversely, a modern marina apartment with lifts, pools and extensive common areas can be substantially higher.
Other things to consider before buying
- AGM minutes. You’re entitled to ask for the last two to three years of the Annual General Meeting (AGM) minutes. This will enable you to see if there any ongoing disputes, maintenance issues, or large upcoming projects?
- Sinking (reserve) fund balance Look at whether the reserve fund is trending downwards? If so, then the reserve fund may not be large enough to carry out major work if and when required.
- 10-year maintenance plan. This is especially important in older Mandurah apartment complexes. While not a guarantee, a well-prepared plan reduces the likelihood that owners will suddenly be asked for large contributions.
- Special levies Check whether owners have recently been charged additional amounts for major repairs.
- Insurance claims history While Mandurah is not in a high-risk cyclone zone, coastal properties can face higher insurance and maintenance costs. (it’s just another thing to think about).
How a conveyancer can help with a Strata purchase
A good conveyancer can do a lot more than prepare settlement documents. At C & R Settlements, we can help you to understand the legal and practical implications of purchasing a strata property. This includes:
- Reviewing the seller’s disclosure documents and identifying issues that may require further investigation before you become legally committed to the purchase.
- Explaining your rights under WA Strata Laws We can explain your rights as a buyer. This includes disclosure requirements, settlement rights, plus any contractual protections available to you.
- Identifying Potential Red Flags This includes proposed special levies, poorly funded maintenance reserves, ongoing disputes, building defect discussions, any unusual by-laws, incomplete disclosure information, and more.
- Helping you to understand ownership boundaries One of the common areas of confusion for buyers is understanding what they actually own and what is shared property – they’re too very different things. We can review the title documents, strata plan, and scheme information to help clarify ownership boundaries and responsibilities.
- Managing critical contract timeframes Property contracts often contain strict deadlines relating to finance approval, inspections, and settlement. (and there can be penalties for the buyers if deadlines are missed).We can help ensure these dates are met while also coordinating with agents, lenders, and settlement parties throughout the transaction.
To make an informed decision with your strata property purchase, call C & R Settlements in Mandurah today.
There’s a truckload of reasons to choose C & R Settlements in Mandurah.
Here at C & R Settlements in Mandurah, we’re renown for our hard work, attention to detail, and going the extra mile for our clients. We’re Mandurah’s Number One independent settlement agent with over 80,000 settlements under our belt (and still going strong). As an added bonus, when you choose C & R Settlements, you can use our free courtesy truck when it’s time to make the move. All you’ll need is a standard driver’s licence (and perhaps a few strong mates to lend a hand on moving day). Just be aware that our free courtesy truck is very popular, and bookings are essential. Just another reason to make the move to C & R Settlements in Mandurah. For details, call us on 9581 2148. Or email mandurah@crsetts.com.au