If it is your intention to invest in real estate this year, you should be aware that there are certain properties that come with an entity that takes on all of the responsibilities of the tenants with regard to the obligations of anyone who lives in a particular housing development. This is especially important if it is your intention to buy a property to rent out so that it can provide you with some disposable income. The owner’s corporation is there to take on all of the responsibilities which means that you and the other owners don’t have to worry about anything and that is peace of mind that everyone needs.
If this sounds like an interesting proposition then you should know that strata management in Melbourne is there to carry out the duties required in organising and running such a corporation. This will better protect your investment over the short and long-term and if this is something that you are not familiar with then the following are some of the benefits of buying a property that is taken care of by an owner’s corporation.
- Insurance that covers everyone – This is a way to save everyone who lives in the development of money over the course of any year and because it is essential that you take out some kind of public liability insurance for your apartment, the owners corporation will put a policy in place that will cover everyone that would be more comprehensive and will be cheaper as well. This means that if anyone lives and falls within the shared areas then insurance will be in place to cover all eventualities.
- Maintenance is carried out for you – it is so important that the common areas are taking care of when you own a property within a community because this can definitely affect the prices of the properties over the long term. The common areas of the property need to be maintained and because you and the other owners don’t have the time to do such a thing, you turn to the owners Corporation to carry out all of the work that needs done. If your facility enjoys things like grounds, swimming pool or a gymnasium then these will be kept to the highest standard.
- Your opinion really does count – It can be frustrating when you wish to make changes but you don’t know who to talk to in order to make it all happen. Other owners might want to make changes that you don’t agree with and so this is why your owner’s corporation will have an annual general meeting every year for everyone to speak up and to be heard. Everyone can work together for the betterment of all involved.
Any expenditure is transparent and easy to check at any time when it comes to the disbursement of the budget. You will be paying fees every year but when you factor in the cost of doing this yourself, it makes perfect sense.
