When you buy into a body corporate, you are buying into a complex with other owners which means, you share ownership of the common areas like pools and gardens.
Collectively this is known as the "Body Corporate” or "Owners Corporation”.
Here are some quick RealRenta Tips to avoid some of the most common mistakes investors make buying strata titled property:
• Search the books and records of the Owners Corporation to view the finances and to see if it is facing any issues.
• Research to find out if repairs are auctioned quickly, if the committee members work well with each other and if there are any disputed between owners.
• If you buy a property with a car space, make sure that the space is correctly allotted to the apartment.
• Determine the condition of the building and check that there are adequate funds in the sinking fund
• Check with the owners’ corporation that the building is pet -friendly, don’t just take the Agent’s word for it.
• Find out who you need to contact on the Executive Committee if something goes wrong in the building. Consider attending the AGM and even becoming a member of the Executive Committee.
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Friday, 5 July 2019