A term that you’ll hear regularly regarding Owner’s Corporations is “Common Property”, but what is it exactly, and why is it important to know the common property areas in your Owner’s Corporation?
Common Property definition
The strict definition of common property is any parts of the land, buildings and airspace that are not lots on the plan of subdivision. It can include many different areas, such as passages, walls, pathways, stairs, elevators, fences, foyers and gardens.
This common property is owned and maintained by the Owner’s Corporation.
How is common property maintained?
The maintenance of common property is the responsibility of the Owner’s Corporation. At the Annual General Meeting, a budget is set for the maintenance of common property. There should also be a reserve that can be used for any emergency maintenance.
Who pays for the upkeep of common property?
The cost of maintaining common areas is covered by the Owner’s Corporation’s budget. Accurately forecasting how much this will cost is a key responsibility of the Owner’s Corporation. It is important to be accurate with the projected costs, as over estimation results in higher levies, while underestimating the costs can lead to a shortage of funds.
What about alterations to common areas?
Alterations to a common area (such as adding a barbeque to a garden or more lighting to a hallway) can only be done with approval from the Owner’s Corporation. Significant alterations will require a special resolution to be passed by the Owners Corporation.
Cutting through the red tape
Having Mayfield as your Owner’s Corporation Manager, means you’ll have expert advice from an experienced team of people, helping to ensure that adequate funds are available to maintain the common property.