Just wondering what you guys think of body corporate? We are looking at buying a house and we found the PERFECT house for a good price but the only problem with it is it's in a block with other houses and involves body corporate (however this house faces the street and is sort of seperate to the other ones). As I said it is perfect in every way except for that.
What do body corporate fees cover? Is it worth it or should we just keep perservering and look for something else even if it's not as good?
TIA for any advice.
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18-09-2012 13:53 #1Senior Member
- Join Date
- Apr 2012
What do you guys think of Body Corporate?
18-09-2012 14:38 #2
I dont know about body corporate in relation to individual houses?? Generally speaking, body corporate looks after the common areas, common gardens, driveways, sometimes the appearance from the street of a block of units. As a tenant or landlord, you pay so much yearly to cover the expenses. The body corporate might also have a sinking fund, which is set up to cover major maintaince, again to the common areas. It is a normal expense if you are living in a unit, or townhouse situation. Also the tenants and landlords have regular meetings with the body corp to discuss all matters, eg, insurance, auditing, animals, car parking. I think you will find it difficult to avoid all body corp, but you can and should know how much it will cost, and then consider if you can cover the expense. Marie.
18-09-2012 14:55 #3
A body corporate can be good , just make sure your solicitor does a strata report ( which tells you how much money they have and if all the fees are paid on time and any major works to be done etc)
Your strata rates wil cover all the insurance ( you still take out contents) and any maintenance externally ( including garage doors, roof tiles, fencing, gardens etc) so its good if you are not handy! ( plus agents fees, bank fees and a sinking fund )
Your council rates will be lower as your land size will be less and as pp said you will meet every 1/4
The downsides are that you legally must abide by strata regulations and you will need to ask permission to alter/add anything to your home that may effect strata ( e.g.: adding air conditioner, painting, gardens , foxtel etc) some also do not allow pets
Also as mentioned you must get a report done before you buy as you do not want to buy into a strata block with no money or one that owes money!
18-09-2012 15:23 #4Senior Member
- Join Date
- Apr 2012
Oh awesome. Thanks for your replies guys!! Marie - it's not an individual house per se... it is part of a commong group of houses but the front faces onto the street and we have our own driveway. Apparently the gardens and everything is is covered like the ones that all face in towards the common driveway.
We'll have to get a solicitor to look into things. Thanks again guys!
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