Understanding more about Body Corporate Gold Coast

Investing in or owning a residential complex on the Gold Coast includes a body corporate Gold Coast to manage its preservation and care. The role of a body corporate Gold Coast within a common shared property is not fully understood by many complex owners.

What is a Body Corporate Gold Coast?

Managing the upkeep of a complex on the Gold Coast is the very reason for its residents to choose a body corporate Gold Coast. The common property shared by its residents also involves crucial tasks such as the upkeep of shared facilities.

This includes tidying and cleaning shared pathways, gardening, and many more. The maintenance tasks of a complex should not be the sole responsibility of any particular resident. The best way to maintain the cleanliness of shared spaces is to let a body corporate handle all these jobs.

Amenities such as swimming pools and elevators need regular inspections and fire safety checks. Having a body corporate in place makes them the go-to people for issues related to the common shared property.

Employing caretakers and cleaners as well as keeping accurate financial records is another important responsibility of a body corporate. In turn, the investors of the common property have the right to vote on any decisions made by the body corporate. Suggestions from the owners regarding the maintenance of the complex are always considered important by a body corporate.

What does “common property” mean?

The “common property” for residential complexes includes non-private shared spaces such as pathways, stairwells, and driveways. Other amenities such as saunas, swimming pools, and gyms of the complex are also considered a common property.

It is always the best practice to check out the survey plan of a complex before investing in it. A horizontal format development includes either townhouses or gated communities. A vertical format plan, on the other hand, is used for condominiums or other high-rise residential complexes.

The common property significantly differs between these two types of development formats. Knowing more about the format plan of a complex when it comes to shared spaces ensures investing with the right one that works for you.

What is included in the Body Corporate Levy?

Maintaining the upkeep of a residential complex needs money. The costs of the maintenance and insurance are shouldered by the shared owners. The levy or annual fee is the financial allocation demanded from the owners of the complex.

The Annual General Meeting at every start of the year attended by the body corporate and owners is where the annual budget allocation is agreed upon. An owner can have more than one vote when he/she agrees to join both the lot liability and lot entitlement budget allocation.

An owner with more than one vote could often influence the decisions made by a body corporate.

Understanding Special Levy

General wear-and-tear and extreme weather conditions are part of the equation of complex residences. Repairs that have to be made in the aftermath of an extreme weather disturbance are covered by a special levy.

The Annual General Meeting includes this extra funding, especially for repairs that are not covered under their insurance policy. An approval process from the body corporate happens when there is a need for a special levy. Each lot owner will receive a bill from the body corporate informing them of their share of expenses.

Contact us to get in touch with expert body corporate in Gold Coast.