Interested in buying an apartment or townhouse within a Body Corporate, but don’t know the first thing about buying into a community titles scheme?

In Queensland, Body Corporate properties can include (but aren’t limited to) apartments, townhouses, and units. 

There are plenty of benefits and considerations associated with buying a property within a Body Corporate and depending on what stage of the home buying cycle you’re in, the pros may outweigh the cons, and vice versa.  

The benefits of buying property within a Body Corporate: 

One of the main benefits of buying a property within a Body Corporate is you won’t be responsible for the maintenance and repairs of shared amenities. This means that the cost of maintaining the gardens, swimming pools and elevators is shared among all the property owners. Not only is this a significant financial saving, but it also saves you the time, knowledge, resources and stress of maintaining these areas yourself. 

Another benefit of buying within a Body Corporate is the added security. Most Body Corporate properties have security features that detached properties often don’t, such as gated entrances and surveillance cameras.  

For those buying an investment property within a Body Corporate, there are potential tax deduction benefits, as you may be able to claim some of your body corporate fees. 

Things to consider: 

Despite these benefits, there are a few lifestyle and budgeting items to consider before buying a property within a Body Corporate. One of the main things a buyer should consider is the Body Corporate fees. These fees are required to be paid on top of your mortgage payments, are used to cover the costs of maintaining the common areas and can vary depending on the size and condition of the property. These fees may also increase over time. 

The second thing to consider about purchasing within a Body Corporate is the associated committee that comes along with it. The Committee is responsible for making decisions in relation to building maintenance, improvements, and enforcing residents to abide by the body corporate by-laws. If you’re not chosen to be on the committee, you may disagree with some of the actions they take surrounding the by-laws and maintenance of the project you’re buying within  

When you purchase at Brickworks Park, you’ll be working with sales agents who are highly experienced in selling properties with body corporates. To learn more about the Position Property sales team, visit their website here. 

The information in this article is general in nature, and does not constitute as professional advice. You should consider seeking independent legal, financial, taxation or other advice to check how the information in this article relates to your unique circumstances.