Community living is a trend that is gaining momentum quite fast. When you own property with a body corporate, you are exempted from the drudgery of the work and responsibilities that come with owning property. You instead get to enjoy the privacy and lifestyle of owning your home.
A body corporate is responsible for the following:
- Caretaking
- Maintenance of the grounds
- Insurance issues
- Property management
All that is left for you is to enjoy your home or property in peace.
Body corporate
A body corporate is tasked with the responsibility of managing common ownership aspects of a property. It is regulated by a multi revised legislation to deal with property ownership keeping in mind the emerging trends in the same as well as to adapt to the emerging issues governing the industry. If you look up body corporate services firm in Brisbane and other related websites, you will come across a wealth of information on body corporates.
What does a body corporate do?
It introduces to its members affordable properties with reduced shared costs of maintenance.
Types of body corporate
- Apartment blocks
- Attached townhouses
- Double storey villa units
- Residential and commercial developments
What is the role of a property owner in a body corporate?
When you buy a lot or a unit in a property that has a body corporate, you become a member. If you rent that unit out to a tenant, the tenant is not a member. You are. The body corporate has a professional manager who handles caretaking and any other matters concerning the properties under the body corporate.
As a member, there are guidelines that you must comply with in order for peace and harmony to prevail within the community. These guidelines must also be followed for the continued maintenance of the buildings.
- The members must agree to keep the buildings looking attractive and consistently well maintained.
- Any changes made to the properties must be agreed to by other members. These changes include painting, installation of air conditioners, satellite dishes, garages, etc.
Common property
Community living means that there are some facilities that are owned jointly by members. These are facilities like:
- Laundries
- Driveways
- Gyms
- Pools
- Open spaces
These properties only serve the purpose for which they are intended and members must adhere to that rule. If there is deviation from the agreed upon use, the body corporate could face legal risks.
Insurance
This is a very crucial aspect and the body corporate pays for one policy which covers all the buildings under its jurisdiction. There is the additional adequate public liability insurance for the common property.
When you join a body corporate as a member through buying property with a body corporate, you need to find out what the insurance situation is. All the buildings, yours included, and the common property should be adequately covered. As a member, you will find it cheaper than having your own separate insurance and you are assured that public liability insurance is sorted out.
Community living is looking more attractive by the day because of all the benefits that come with being a member of one. Therefore, you should contact a body corporate services firm Brisbane to learn more about body corporates.
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