The subdivision process of property for the purpose of multi-unit development usually re-quires a managing body that will handle the common ownership aspects of it. Such a man-aging body is known as a body corporate manager and they are regulated using legislation, which has been subjected to multiple revisions to cope with the trends of changing property ownership. The revisions are also designed to make necessary adjustments to the dynamic body of experience and knowledge that is gained from controlling the industry. There are various kinds of body corporates and these include mixed-use developments or double-storey villa units, attached townhouses, apartment blocks.
How it works
Unit owners in any property with a body corporate become members. However, when the unit is sold the new owner becomes a member and the old one ceases to. Tenants that pay rent to unit owners are not considered to be members.
Body corporates take responsibility for various essential services, insurance, financial and compliance matters. Usually, these responsibilities are delegated to professional managers that do the following:
Handle insurance
Manage caretaking
Handle the different administrative processes of a body corporate.
The most important part of becoming a member of body corporates is the strict adherence to outlined guidelines because these promote harmonious co-existence. These guidelines also ensure that buildings are maintained in a way that is consistent and attractive.
Benefits
Most times people tend to focus more on the negatives rather than the benefits of body corporate services, some of them include the following:
Purchase price
A unit and a house are essentially similar in all aspects, but the unit will tend to be cheaper compared to the house. This is because purchasing a house includes buying a block of land that is bound to be expensive. Land is expensive as it is a finite resource. Strata titling is beneficial because several lots can be obtained on a small parcel of land and this attracts developers.
Location
When body corporate services are constructed in locations that are desirable then the loca-tion is opened up for diverse groups of people to benefit.
Supply
The two main determining factors of supply are developer expectations of profit and council density zoning. Councils desire higher densities in certain areas and this is to the benefit of developers because selling numerous mid-sized properties is much easier compared to few that are highly priced. This means that developers construct many mid-priced properties in certain locations to offer a higher supply of residential apartments compared to the houses in those locations.
Lifestyle
Body corporate services provide numerous individuals with the rare opportunity of living a resort life lifestyle but at a price that is quite affordable.
Community
Body corporates are close knit communities that are characterized by groups of people that live and invest together to achieve a common purpose. This brings many benefits with it. Security is among the top benefits that are built inside the framework. Other benefits are a greater buying power, decreased financial risk and being part of a safe and supportive community.
Conclusion
The benefits of body corporate managers and body corporates are inspirational and real hence worth the effort. This is good because body corporate services are not going any-where anytime soon.
