As more and more people are looking for apartment and community living choices, Owner’s Corporations are becoming increasingly popular. Knowing the differences between buying into an Owner’s Corporation and buying a standalone property before you purchase can save a lot of headaches in the future.
How do I know if the property is part of an Owner’s Corporation?
If the property has a subdivision, includes common property (such as passageways, open areas or stairs) and is registered as such with Land Victoria, it will be part of an Owner’s Corporation. All lot owners in this community are automatically part of the Owner’s Corporation.
Learning to share
A major difference with purchasing into an Owner’s Corporation is that you share common areas. While this does mean that there are restrictions on how you use these areas, the cost of maintaining them is also shared, along with the cost of insurance and administration.
Working with the committee
Owner’s Corporations are administered by an Owner’s Corporation committee. These elected owners represent all the owners in the community, making decisions on the everyday operation of the Owner’s Corporation. A good committee will protect your investment, and your enjoyment of your property, which makes life easier for everyone.
Some Owner’s Corporations have more regulations than others, but a common theme is the need to protect everyone’s enjoyment of the property, and to protect the investment of the owners. This can mean that you are limited in how you use your property, especially in regards to noise or decorative elements that are vastly different from the basic look of the other lots, but doing this ensures that every property reinforces the value of the others.
If one property is less desirable, the value of all of them is affected. This can include things like colour scheme, level of upkeep and external fixtures on the property. The committee is responsible for establishing, enforcing and, when necessary, amending these standards.
How can I make sure I have a good committee?
Like most tasks, experience and advice matter. Mayfield offer both in their role as Owner’s Corporation Managers. Our expert agents will make certain that your committee get the best possible advice, and with a single point of contact, you won’t have to keep explaining the situation over and over. Getting Mayfield on your side will help boost the effectiveness of the committee, and keep the community informed and confident that their property is being managed effectively.