Buying into a multi ownership form of housing can be a major lifestyle change. If you are buying into a body corporate, whether residential, commercial, or mixed use, this e-book will help you unravel the mysteries of bodies corporate.
Unit title property ownership is becoming increasingly common for a wide section of the community for a variety of reasons. It is important you are aware of both the benefits and the challenges. We also recommend you do your research and seek independent advice before signing any contracts.
Multi unit property ownership may appeal for its convenience, extra safety and security, modern design, and proximity to shops, services, parks, cafes, work, education, and public transport. It may be chosen for its affordability and, for many, low maintenance.
Although the individual owner might avoid direct responsibility for maintenance (except within the individual’s unit), the complex as a whole still has to be looked after if it is to keep its value and appeal. Someone has to do it, and someone has to organise it. That is part of the responsibility of a body corporate (the organisation that every unit title owner belongs to).
This booklet explains the basics of bodies corporate and how to handle them. We point out some of the pitfalls to be avoided, and we suggest how problems might be solved in order to get maximum enjoyment from your unit title community.
Note: Information contained in this manual is intended as a general guide only and might not apply in all situations. In all circumstances, independent professional advice should be obtained and due diligence undertaken.