- Review Strata Council minutes for the past 12 months or more, along with by-laws, financial statements, Annual General Meeting minutes, and engineering reports that may have been completed. Look for past problems, previous repairs, special assessments, and upcoming expenditures.
- Look at the history of price increase on the Property Management / Strata Fees. Past increases may indicate future results.
- Ensure a maintenance program is in place by talking to the strata manager to determine whether the building has a solid preventative maintenance program in place.
- Check the contingency fund since a portion of strata owners’ monthly maintenance fees must go into a “contingency fund” to pay for extraordinary repairs, such as a new roof or exterior painting. Find out if the contingency fund is large enough to cover any upcoming expenses.
- Review the Strata Property Condition Disclosure Statement which sellers are required to complete. It is a checklist about the property's condition. Buyers should carefully review it for any defects or potential problems.
- Investigate the warranty program and builder’s background whether the condo is new or resale. Your realtor can find out what type of warranty the building carries, noting the limits and duration of coverage. S/he may also be able to help you obtain background information about the builder/developer of the project.
- Hire a professional home inspector with proper accreditation and one who carries Errors and Omissions insurance to inspect the condition of the suite, common areas, and the overall building structure.
source: http://chuthisrealestate.blogspot.com/
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