Recently bit the bullet, and bought 2 units in a block of four. Still nervous.
Settled on Friday. State is Vic.
Happy with deal, tenants moved in on Saturday, rent is 5% above rental estimate.
Are trying to hit all the bases, ie pest inspection, building inspection, Quantity surveyor for depreciation schedules, Bought at approx 15% discount, financed Interest only at Employee rates with CBA. RE as property manager.
When receiving the documents, noticed the certificate of currency for insurance expires on 15/6.
Is currently insured under strata plan insurance – so public liabilty is covered. Insurance company was actualy helpful (wow) and has rrenewed policy, and will send 2/4 to us, 1/4 to each of the other new owners.My question is – there is no body corporate, and the units share common walls, so there is a risk from one to another unit.
Minimal common area – driveway only.
Do we need a body corporate?
The other 2 are resident owners, and are also concerned.
What happens if not everyone pays?Thanks for any assistance –
I think all of these types of unit set ups with multiple owners will require registered body corporates under the Vic state legislation. One of our units is involved in establishing a property body corporate entity using a specialist in the game.
Torrens title property subdivision with right of way could be possible but all services will need to be individually set up eg water meters, gas meters, sewerage, stormwater. Talk firstly to your local Council town planner and ask for some advice and who they recommend as a land surveyor. The whole subdivision deal may not be permitted where it is located.
I would then highly recommend getting the body corp thing happening. If you need some assistance, send me a personal message.
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