The Biggest Mistakes Queensland Apartment Owners Make
Have you purchased an apartment or considering purchasing in the future?
Every day, homeowners and investors all across Australia buy strata titled apartments without fully understanding what the body corporate is all about.
Across Queensland, there is more than 45,000 body corporate’s managing over 400,000 apartments and townhouses. That means about 20 percent of people have some connection to a body corporate, but many owners and tenants still don’t understand their rights and responsibilities and too many believe in myths.
Body corporate property
Purchasing a body corporate property means that you own your individual property lot but you share ownership of the common areas, such as pools and gardens, with the rest of the owners.
Collectively, all of the owners in a building are known as the body corporate or owners’ corporation.
Common mistakes property owners are making:
- There are so many apartments on the market that owners aren’t paying close enough attention to the look and maintenance of the building and are hence falling behind.
- While it’s important to ensure the property is in good condition today, it’s also just as important to ensure that the body corporate has adequately planned for future maintenance expenses.
- Too many owners do not seem to care enough about the management of their buildings.
The big message is that apartment owners really can’t afford to stick their heads in the sand and ignore body corporate meetings, including issues relating to their apartment or townhouse and its grounds. There’s too much at stake in the running and maintenance of buildings and properties.
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It is important to be well-informed when you buy into a body corporate property or complex with other owners. Especially, the additional and sometimes hidden costs involved.