Recognize a Well-Managed Strata
Mar 07th, 2017
When on the hunt for a new home, it’s important to consider your dream dwelling’s surrounding space and its daily running and upkeep.
That’s when it’s time to determine whether you have a well-run strata corporation on your hands. If you are purchasing a home in an established master-planned community, chances are the strata has already been formed. We’ve come up with a few maneuvers so you can properly investigate the situation.
Look Around: Take a peek around the common areas, such as the lobby, hallways, parking, grounds, and any amenities. You’ll quickly see whether they are clean and orderly, or otherwise. If they pass your test, the strata likely has a competent operating budget and cares about the property. It’s important to be proud of all the areas in the community you’re part of.
Say Hello: While you’re on your visual investigation, you may run into a potential future neighbour. Here’s your chance to say hello and ask if they are happy with the strata’s management.
Review the Minutes: Obtain copies of council meeting minutes, and, as you read, ask yourself a few questions: Does the communication flow between residents, the strata, and the developer? Are actions being taken in a timely manner? What issues are being discussed?
Check Out the Depreciation Report: The strata corporation is obligated to file a Depreciation Report no later than six months after the second AGM, and then renew it every three years. The document outlines common property and assets, projected maintenance, repairs, and replacements for the next 30 years. It will give you some insight into the property’s future.
Just Ask: All StreetSide properties are managed by Rancho Management Services, who would be pleased to shed some light on bylaws and the Strata Property Act. In addition to the property, they manage the community website, where you’ll find information and news about the property and bulletins posted by residents.