When buying any property, it’s important that you do your homework.
Here are some questions you may wish to ask when buying a unit title:
-
Can I have a copy of the body corporate’s rules?
-
Can I get copies of the minutes from the body corporate’s meetings?
-
How are the body corporate’s finances managed?
-
Can I see the financial reports and budgets from the previous years?
-
Are there regular fees I need to pay? If so, how are these collected?
-
Are all the owners’ levies up to date?
-
Does the body corporate have a long-term maintenance fund?
-
What is the body corporate’s long-term maintenance plan? What does it cover?
-
Does the long-term maintenance fund have enough money in it to pay for the repairs and maintenance detailed in the plan?
-
Is there any major maintenance due and are there are funds to complete it?
-
What is the building’s insurance policy?
-
How many units or apartments are owner-occupied?
-
Of the tenanted properties, are the rentals long or short-term?
-
How much soundproofing does the unit have?
-
How are disputes handled?
-
Does my unit or apartment come with a parking spot or do I need to purchase a separate title?
-
Is there any visitor parking?
-
When buying a unit title property, it’s important that you have a clear understanding of what you’re committing to.
Remember that you will be sharing common property and responsibilities with those around you.
Find out how Oxygen can assist your Body Corporate by requesting a free proposal, calling 04 619 1000 or emailing us at [email protected].
