Buying in a Community Titles Scheme

What issues might arise if you are buying in a Community Titles Scheme?

If you are buying in a Community Titles Scheme there might be issues arising from building defects and work required in relation to:

• external cladding, including identifying if the cladding is combustible, and whether it may need removal or replacement; and
• structural issues which might be noted from inspecting common property areas of the building revealing cracks, water leaks etc.,
  

which, for example, could result in significant costs for owners and have insurance disclosure and exclusion implications.

In addition to the concerns mentioned, it's also important to consider the potential impact of ongoing maintenance and future repairs on the overall value of the property. The condition of common areas and the building's infrastructure can influence not only the immediate costs for owners but also the long-term appreciation of your investment. Furthermore, any unresolved disputes within the community regarding repairs or upgrades can lead to delays and further financial strain. Ensuring that there is a clear and well-documented maintenance plan in place can help mitigate these risks and protect your investment in the long run.