Beyond the OC Certificate

When you're buying into a strata building, you're not just buying an apartment. You're buying into the building around it, its history, its finances, its maintenance and the decisions that have been made before you arrived.

That's why I think getting a strata report before you buy is so important.

An OC Certificate is an important part of the picture, but it doesn't necessarily give you the context contained within the broader strata records. Meeting minutes, financial records, insurance information, building reports and other documents can help you understand what's actually been happening in the building.

A recent experience with one of our customers, Jeremy, is a good example.

Wanting the full picture

Jeremy was considering purchasing a strata property in Victoria. He already had an OC Certificate attached to the contract, but wanted to understand more about the building before making his decision.

As Jeremy put it:

“I wanted to have all the information possible made available to me.”

We gathered the broader strata records and worked through them to identify information that could be relevant to his purchase.

For me, that's an important part of what we do. It's not simply about handing someone hundreds of pages of documents. It's about helping a buyer understand what those records are telling them about the building.

Jeremy said:

“Dion was terrific through the whole process. He went over and above, beyond the call of duty, and gave me information that wasn’t readily available that was extremely important in my decision-making.”

Finding an issue doesn't necessarily mean don't buy

One of the questions I asked Jeremy afterwards was whether anything we'd found made him reconsider purchasing the property.

I liked his answer because it gets to the heart of why you get a strata report in the first place.

“Any report is going to turn up some issue that needs to be rectified.”

That's an important distinction.

A strata report isn't there to find a perfect building, and our role isn't to tell someone whether they should or shouldn't buy.

Buildings have histories. Things break. Maintenance is required. Committees make decisions. Claims happen. What matters to a prospective buyer is understanding what's happened, what's happening now and what they could potentially be taking on.

For Jeremy, having that information didn't create uncertainty. It did the opposite.

“I now know what those issues are.”

Know what you're buying into

Jeremy ultimately described the value of the process better than I could:

“I can go into the purchase knowing that whatever happens down the track, I can cater for that and take the appropriate action.”

That's why I encourage buyers to do their homework before purchasing into strata.

The apartment itself is obviously important. But take the time to understand the building too. Look beyond what's immediately visible and understand its records, its history and the issues that may affect you as an owner.

A good strata report shouldn't make the decision for you.

It should give you the information to make that decision for yourself.

And in Jeremy's words:

“It’s all about reassurance. That’s what I paid for, and I got more than I bargained for, in a positive way.”

Get the full picture before you buy.

The apartment is only part of what you’re buying into. A Cohabit strata report independently reviews the building’s finances, levies, insurance, maintenance, defects and disputes, helping you understand the potential risks and costs before you commit.

Order your strata report