The Benefits of Having an Owners Corporation for Your Property

Many property owners will be familiar with an Owners Corporation. Owners Corporations are established to help ensure that the common and shared spaces of a development are managed appropriately for all the property owners of the development. An Owners Corporation (also known as a body corporation, an OC or a strata) is an organisation created under state law that administers a defined area of land, primarily in multi-storey developments such as apartment blocks, but also applicable to townhouse complexes, dual occupancy sites and houses with multiple units. Often an owners corporation will manage a number of developments in a particular area. Having an Owners Corporation means that you have greater control over your property and its associated assets. The OC is responsible for managing any communal areas and facilities within the development, such as lobbies, pools, gardens, walkways and car parks. They will help keep these areas clean and maintained by collecting fees from all property owners in accordance with the relevant regulations set out by the state government. Owners Corporations are also responsible for enforcing necessary rules and regulations to ensure the safety, security and general welfare of all residents within the development. This includes things like setting noise curfews, controlling pets or stopping smoking in communal areas. Having an Owners Corporation can also help to protect your property rights as a property owner. The OC can resolve disputes between owners and take legal action if necessary to enforce their rulings. They also help to determine insurance coverage across all units in order to protect everyone’s assets in case of any unexpected events like natural disasters or malicious damage caused by vandals. Having an Owners Corporation looking after your property can provide you with greater peace of mind when it comes to managing and protecting your property rights. It also ensures that all residents within the development are safe, secure and enjoying a high quality of life in accordance with the collective rules established by the OC. If you’re looking to purchase a new property, purchasing in a development managed by an Owners Corporation is definitely a great option! Contact The Property Mentors to discuss property opportunities across Australia in managed complexes.