Hi everyone,
Looking at Brisbane and Queensland,and have found MANY properties that are in a “managed complex”.I am not aware of anything like this in Victoria,so can someone tell me just what they are?They are all individual houses,as opposed to apartments,and I get the impression that they may be something like they have in the states,where hundreds of similar properties are built on acres as a distinct development rather than an estate.Is this right?And does anyone have any experience with this type of property?
Thanks,
ToolsWith Larger Unit Complexes in Queensland, where there is a Resident Manager on site. They usually have the management rights for buying and selling units in that complex. But the complex is registered as a body corporate, that is made up of the unit owners, to form the management committee. These complexes are then managed by a Body Corporate Manager. What you need to do is to check a couple of things, as the developers pull a few tricks to keep the levies down, and attract buyers saying that these are cheap, but then in a couple of years there needs to be a large increse in fees. So the first thing i would do is check what type of plan the complex is registered as. There are two types of plans in queensland, 1. building unit plan (BUP), this includes painting of the building and the common area or shared facilities, 2. Group Title Plan (GTP) this means only the common property is maintained and the painting is the owners responsibility. Anither thing to check is what they call the Sinking Fund, this is a fund that is for the maintainence of the areas according to the plan type.
In victora the strata plan outlines the boundaries of the body corporate, some complexes have a reserve fund but it is not required by law as it is in brisbane and sydney.i hope this is of help to you
Regards
Peter Greenham
You must be logged in to reply to this topic. If you don't have an account, you can register here.
