Hi Jess,
Strata living has many benefits and can have a few drawbacks as well and things can change over time. I received the following advice from a strata lawyer which I think it is a good addition to the advice given by the other posters in this thread.
Strata schemes with swimming pools, gyms and elevators often have high strata levies as these services have increasing maintenance costs as the scheme ages
Try and buy a lot on the top floor, as lots above can generate noise that is transmitted through the floor.
Large strata schemes with hundreds lots mean that your “voting power and influence” as a lot owner will be diluted. You will have more say as a member of the OC in smaller strata schemes.
Get a copy of the by-laws and strata records and have your solicitor check them over with you before you buy, query any “special levies”.
A building and pest inspection by a licensed practitioner is always worth the money and peace of mind.
In a strata scheme you will be living in close quarters with other residents and you will experience occasional noise from neighbors from time to time, however this can be true for free standing houses as well.
If you can talk with other residents in the building. Often you can get tidbits of information that are not on the strata roll.