On the Gold Coast area, would buying into a body corporate Gold Coast be a good investment for first-time homeowners? Would it be a great choice for living affordably and safely?
What is a Body Corporate Gold Coast?
Many first-time home buyers on the Gold Coast wonder what, exactly, is a Body Corporate Gold Coast.
A property on Gold Coast titled as a legal entity of owners is known as a Body Corporate Gold Coast. Anyone owning an apartment or unit in the common property automatically becomes a member of its Body Corporate.
The entire complex is now managed and owned by the Body Corporate. The management of the common property is under the jurisdiction of the Body Corporate. The Act’s associated regulations and Unit Titles Act 2010, in turn, governs the Body Corporate.
This information could be a bit confusing for first-time homeowners opting to share a common property with other investors. However, the huge advantages provided by buying into a Body Corporate are invaluable, especially for new homeowners. You can also find the best body corporate services for Gold Coast here.
The Multiple Advantages of Buying into a Body Corporate
First-home investors gain a host of benefits when opting to become a part of a Body Corporate. Here’s why:
Enhanced Safety
The lock-up-and-leave apartment living becomes a reality when you become a member of a Body Corporate. The extra security provided by the Body Corporate means that security officers and building managers are there 24/7 to look after the safety of every resident of the common property.
Other security measures provided by the Body Corporate to ensure the safety of their members include pin code access, swipe cards, and multiple security cameras in and around strategic places of the property.
Being able to afford to live in good areas
Safe living is achieved when living in highly desirable areas. However, a good address is often beyond everyone’s budget. Choosing to buy an apartment with a Body Corporate allows you to live in a good address. It is also the smartest way to start an investment portfolio.
While Body Corporate levies or fees are part of the equation as an owner of a unit or apartment, they cover everything from maintenance and repairs, and insurance to shared utilities and building works.
Shared top-of-the-line amenities
Common areas of shared properties are usually attractive and well-maintained. Gardens, pools, and gyms are just some of the attractive amenities shared by the owners of a common property. While Body Corporate fees are likely to increase with the additional costs of maintaining various amenities, they are always worth it.
Low maintenance fees
If apartment living without the hassle of maintaining gardens and other amenities on the property is what you love, living in a common property maintained by a Body Corporate is for you. Sharing maintenance fees with other tenants allows you to enjoy pristine and well-kept gardens and grounds. Other amenities such as pools and gyms are maintained in peak form with the maintenance provided by the Body Management.
Things to Consider When Investing into a Body Corporate
Some things to consider when buying into a Body Corporate include:
- Pets and unit alterations that can impact the living conditions of other tenants should first get approval from the Body Corporate.
- Parking space may or may not be part of the equation.
- There is no one-size-fits-all when it comes to Body Corporate levies.