Lock, stock and the whole block

Check on the solvency of the block and ask to see the financials of the Body Corporate.

Watch out for pending hidden costs like special levies for repairs to lifts, painting or waterproofing the building and roof repairs. The managing agents will be able to give you this information.

Check all the rules governing the scheme as some can impact the marketability of the property. For example, check whether pets are allowed and if so upon what conditions. A ban on pets will reduce your prospective tenant market.

Identify the monthly levies payable for the unit you wish to purchase and for any exclusive use areas such as parking bays or gardens.

Secure parking is a major consideration these days; if it's not included in the property you may want to consider purchasing a lock up or covered parking or garages.

In addition to checking the physical condition of the flat you're thinking of buying, pay attention to the common property such as the roofs, lifts and exterior of the buildings. If necessary get an expert's opinion. Request that the seller provide a warranty that she or he is not aware of any latent (hidden) defects in the property which have not been disclosed

Remember that the Body Corporate is responsible for the repair of the common property, so you will have less control over expenditure on repairs and maintenance than you would have with conventional property.

A secure investment

Make sure that the property is in a good or up and coming area and one with which you are familiar or have investigated thoroughly.

Insist on the usual provision by the seller of an electrical certificate and where applicable a beetle free certificate.

Lastly, have your own attorney check out the contract before you sign it.

Richard Moffat is a property lawyer and the CEO of Herold Gie Attorneys in Cape Town