The Body Corporate comprises all the owners of unit-titled properties. If you own a unit or apartment in the Sanctuary, you are a member of Body Corporate and you can become a member of the body corporate committee. The committee is made up 9 owners that is a fair representation of both resident owners and investors who have let their unit(s) to tenants. New owners automatically become part of the body corporate on settlement date for their unit.
Bodies corporate are governed by the provisions of the Unit Titles Act 2010 which has recently made changes to how Bodies Corporate are run placing more control in the hands of the owners. The Act sets out rules for the use and management of the units and common property that is owned jointly by all the unit proprietors.
In buying a unit you will pay a proportion of the body corporate’s expenses for managing and looking after the common areas of the development which are open to all residents.
Annual Body Corporate fees levied to all owners of properties cover;
- Insurance of all units and common facilities
- Property valuation
- Repairs and maintenance of communal facilities
- Swimming pool and spa maintenance
- Security system
- Garden maintenance
- Rubbish collection
- Common power
- Property Managers remuneration and expenses
There is also a need to fund a sinking fund for long-term maintenance plans that may be used to cover occasional expensive items such as major maintenance of heating, air conditioning, repainting the exterior, major roofing or external cladding repairs, resealing of driveways and parking areas, rebuilding fences etc. Your share of the sinking fund is not paid to you when you sell your unit but stays with the property and can be a good selling point.
Because the Sanctuary employs a Property Manager, individual owners avoid direct responsibility for day-to-day running of the complex, maintenance and all those fiddly bits of everyday tidying, (except within their individual units). Lawn mowing, garden maintenance and care for the common facilities like the gym and swimming pools are all taken care of for the residents whether they are owner occupiers or tenants. This help can even be used to discreetly quieten noisy occupiers and their visitors.
The overall effect is to create tremendous time saving for the residents ensuring that the Sanctuary is a desirable community to live in that keep its value and appeal.
For more general information on Body Corporates download The Mysteries of Bodies Corporate