Whether you are a prospective homeowner or already own some strata-managed properties, then it might be useful to understand what exactly body corporates do for you and your neighbours While they typically are responsible for everything from calculating strata management fees to overseeing shared property in developments like apartments, townhouses and condominiums there are some other things they offer, and understanding its purpose and responsibilities can significantly influence your decision to invest in properties. Today, we'll delve into the details of body corporate so you can make informed choices for your next home or investment
Definition of Body Corporate
It's essential to understand the concept of a body if you own or are considering buying a property that is either an apartment, condominium or unit. The word body corporate usually refers to the group entrusted with managing and maintaining the areas and facilities you access as a property owner. This encompasses aspects such as the roof structure, swimming pool, car park and other shared areas. It is all-encompassing and, depending on the type of property, can represent different types of responsibilities.
Another denomination of the body corporate is the owners corporation, and this serves as the entity representing all owners and is monumental in making decisions. If individuals bring up any concerns, they are first presented to the owner's corporation and then taken further. Keep these definitions in mind so you have a better reference when tackling your own body corporate incidents and concerns.
Roles and Responsibilities of a Body Corporate
The body corporate plays a major role in overseeing the management and upkeep of properties within housing complexes to benefit all residents. There are some important tasks that they take care of, and if you understand them you're better equipped to stay on top of your own property when you have the chance.
Maintaining Common Areas
This involves keeping spaces clean and taking care of landscaping during, after and making necessary repairs. The body corporate also takes action to address any safety issues that may be present to prevent accidents and ensure that existing structures comply with industry standards. These efforts ensure that all is in working order for all tenants to enjoy.
Financial Management
Effective financial management includes preparing budgets, predicting expenses and investing surplus funds wisely. The body corporate should be transparent in their transactions to maintain trust among members. This means fair fees and finding fairly priced contractors for any work to be done as well as ensuring good record-keeping.
Conflict Resolution
The body corporate should have procedures in place for resolving conflicts efficiently. This might include discussions, formal mediations or if necessary, involving a legal resolution body. Their intervention can be pivotal in ensuring that conflict is dealt with productively and reasonably for all parties involved.
Enforcing By-Laws
Enforcing bylaws requires a firm approach. The body corporate should also periodically review these by-laws to ensure they remain relevant and make amendments when needed in accordance with the laws and as agreed upon by the owner's assembly. This includes all laws applicable to your jurisdiction wherever you may be residing within your strata property.
Advantages and Disadvantages of Living in Properties Managed by a Body Corporate
When you're finally ready to decide if you want to have a property managed by a body corporate, there are few things to check out. It is pretty different from self-management, and whether it works for you might depend on your circumstances. Let's look at the advantages and disadvantages.
On one side, having a body helps ensure that your property is well maintained and properly managed, which can be especially reassuring if you don't have the time or expertise for such tasks. Additionally, living in properties often grants access to shared amenities like pools, gardens and gyms that would be expensive to maintain. This can be great for those who aren't as hands-on but also want the same amenities as something more luxurious.
However, there are also some drawbacks to keep in mind. Living under the rules and regulations set by a body means you may have limited freedom when making changes in your living space or organising events in shared areas without obtaining their approval. Furthermore, there might be fees associated with the services the body corporate provides, which can accumulate over time and become costly.
Conclusion
The world of body corporate might seem overwhelming at a glance, but hopefully, this blog post has shed some light on its purpose, definition and critical terms. These entities play a role in managing shared properties and ensuring that residents coexist harmoniously. While it may not be perfectly beneficial for some homeowners, many are satisfied with the management of body corporates as they are less hands-on and save time, especially for those interested in investment properties.
