If it is your wish to invest in some kind of real estate as part of your investment portfolio or maybe you just want to own a property where you can stay for most of the year then you will find that an owner’s corporation may be mentioned and so many people don’t understand exactly what is on offer here and so they may be concerned and there may be some uncertainty on their part. There is a real upside to purchasing property where an owner’s corporation is involved and it means all of the responsibilities that would normally be down to you can be performed by a third party.
One such party is the Body Corporate in Melbourne and it is their responsibility to take on all of the responsibilities involved in organising and running an owner’s corporation so that your investment can offer a lot of promise and a lot of opportunity. If you are unfamiliar with the benefits that such a service provider can offer, the following might help to shed some light on it.
- The insurance is simplified – If it is your intention to invest in such a property then you will only need to take out the typical public liability insurance for your individual apartment for example. The owner’s corporation will take out a policy that will cover all of the common areas which generally includes all of the hallways, the elevator riding up and down the floors and all of the shared amenities throughout the property. This helps to save you a lot of time and so it isn’t up to you to insure the whole property.
- You enjoy better maintenance – Once you have an owner’s corporation in place then all of the maintenance is taken care of for you. It will be their job to get a third party who will take care of everything within the common areas of the property. This ensuresthat the upkeep of the building carries on and this helps to protect the value of your investment. If you enjoy a swimming pool in your apartment complex then this will be taken care of and maintained to a very high standard.
- Decisions are made collectively – If you are a property owner then it is within your rights to come together with all of the other owners and figure out what are the common goals for everyone. There will be an AGM every year for you to air your opinions and you can bring up any issues that you have concerns about. Working together collaboratively protects the home that you live in and makes sure that improvements are made all the time.
Turning to an owner’s corporation is one sure way to make sure that there is financial transparency when it comes to the annual budget that is set aside. All of the fees are broken down into easy to understand sections and there is financial accountability at all times. It is important for all the owners to be able to see that sound financial management is taking place.