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Strata Condo/Townhouse Purchase & What to Consider

Well, you ARE about to make one of a few very high price tag items in your life - your home sweet home <3 Be it for personal use, commercial use or investment purposes, it's a big and serious decision.

Condos and townhouses are called "attached" properties, and they are also labelled as "strata" properties. When you are purchasing a strata property, yes, you are looking at the physical appearance of the property itself, but there are some not so readily obvious elements associated with this type of properties that you may want to consider also, and they are equally as important.

Here are a few things to think about that are not usually discussed as the first point of reference:

  • Contingency Reserve Fund of the strata property

  • Operating Fund of the strata property

  • Special Levy Monies of the strata property

  • Attitude & position of the Strata Council of the strata property - Lucie Zen Real Estate has been championing for greater inclusion and easy access and participation for ALL strata property owners (and at times tenants, well, let's just say let's make sure even owners themselves can easily manage this before we expand to include even tenants) to manage and organize the well-being of their valuable properties in a strata complex. Unfortunately through trial and error, the current situation and structure of many Strata Councils to each strata property are not easy to access or to be contributed to for many owners. At Lucie Zen Real Estate, we value the well-being and quality of life, and where you live is one of the foundations of building a higher quality of life, so you should have a say in it without too many barriers - logical right? Well, let's put it into practice in real life.

Well, above are just a few things that are not written on every real estate advertisement, but are of equal critical importance when evaluating which property to purchase. There are a few more. And if you want to get into more details on the ones that's listed above. Please CONTACT US, let us walk you through them in greater detail.

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