Before buying make sure you obtain a strata report which should tell you:
The cost of being a member of an owner’s corporation
Who manages the owners corporation
Whether there are any proposed works, strata levy increases, potential or existing
legal claims affecting the property
Minutes of previous annual general meetings
How much money is held by the strata manager on behalf of the owners
What insurance is in place for the building
You should always do all of your investigations in relation to the strata building prior to signing a contract if possible. One of the issues that you should raise with your expert doing your strata report is whether or not the building was constructed with combustible cladding (flammable cladding that is now banned and will need to be replaced).