You will be aware of some recent issues in the news relating to the evacuation of 2 apartment buildings in NSW due to concerns for the safety of the residents.
Philip Gaul, chair of the Owners Corporation Network has released an article recently providing some advice to those looking to purchase into Strata Apartments, including the following comments:
Always inspect the strata records very carefully before committing to a purchase contract. If there is more than token resistance to this then walk away.
Those records should include all expert reports prepared for the strata scheme since its inception, including the initial defect inspection reports, all the financial data and the minutes of the required general meetings and strata committee meetings.
Reviewing this with the assistance of an experienced eye can tell you a lot about the building. Spending on preventative maintenance is good. A solid set of provisions on the capital fund to cover future repairs and asset replacements is good too.