Tenant wants a puppy? Thinking of knocking out the wall between the kitchen and dining room? If you live or invest in a strata-titled property, there may be more involved in making these decisions than simply choosing a breed or paint colour.
When you buy into a body corporate property, you’re buying into a complex with other owners. This means that you own your individual property lot but you share ownership of the common areas, such as pools and gardens, with the rest of the owners.
Collectively, all of the owners in a building are known as the body corporate or owners corporation. Every day, homeowners and investors all across Australia buy strata titled apartments without fully understanding what the body corporate is all about. So we’ve compiled this guide, to show you which mistakes to avoid when buying a strata titled property.