If you have been looking to buy a walk-up, then you would be familiar with the term ‘body corp’ or body corporate as it is more formally known. Traditionally, it is one of those grey areas when it comes to buying an apartment or a walk-up home.
Body corporates don’t have to be confusing and they certainly should not outweigh the benefits that apartment or walk-up living can offer you. After all, walk-up living offers you an unparalleled level of convenience.
In this article, we aim to clear up the confusion around what a body corp is and what it can do for you.
What is a body corporate?
Buying a walk-up home automatically makes you a member of the body corporate which consists of other homeowners in your block. The main purpose of the body corporate is to make collective decisions about certain aspects of the property and all the shared areas overall. It is not optional, and you are included if you have a title to your name. However, the level of involvement that you would like to have is entirely your choice.
Since it represents the decisions of all the homeowners, the body corporate is a legal entity which means it has to adhere to the Unit Titles Act 2010 which contains the guidelines for body corporates and similar legal entities. A link to the Act is available at the end of this article.
What does a body corporate do?
Maintenance of all the shared zones is a key function of the body corporate. This includes repairs, renovations and general upkeep of the property. That responsibility also covers the communal green areas and the roads within the property. Living in a walk-up home also means that the owners can meet and set some general rules about using the shared areas so that everyone can enjoy the benefits that their property has to offer. These rules can be around parking, noise or even pets. All of these set rules are then enforced by the body corporate. For larger buildings, the body corporate also takes care of the lifts which usually results in increased yearly body corp fees.
While all the homeowners make up the body corporate, the decision making is usually left to the committee which is overseen by a chairperson who enforces the rules. A new committee and chairperson are elected every year during an ‘annual general meeting’ (AGM). The chairperson and committee are voted in by the homeowners. The main condition here is that the elected representatives must be owners of a property in the development.
How is a DDL body corporate different?
DDL Homes creates walk-up homes for a reason. Living in a two- or three-story building means that you get all the convenience of the location and the elevated views without having to worry about high body corporate fees. The walk-up homes have no lift and while that does mean walking up a few flights of stairs to get home, it also drastically reduces the yearly body corporate fees.Click here to see the full copy of the Unit Titles Act 2010