Owners corporations, also known as body corporates, are responsible for the management and maintenance of common property in multi-unit developments such as apartment buildings, townhouses, and strata communities. Common property refers to the areas and facilities that are shared by all residents and is an important aspect of the functioning and sustainability of the community.
Common property typically includes shared areas such as hallways, lobbies, elevators, swimming pools, and recreational facilities. It also includes structural elements such as walls, roofs, and foundations, as well as any equipment or machinery that is used to maintain and operate the common property.
The ownership of common property is typically shared among all residents of the multi-unit development and is managed by the owners corporation. The owners corporation is responsible for the maintenance, repair, and replacement of the common property, and for ensuring that it is safe and usable for all residents.
One of the key benefits of living in a multi-unit development is the shared use of common property. This can provide residents with access to amenities and facilities that they might not otherwise be able to afford or have space for in a standalone home.
However, it also means that residents are responsible for paying levies to the owners corporation to cover the cost of maintaining and repairing the common property.
The levies are typically collected on a regular basis, and are used to fund the day-to-day operations of the owners corporation, as well as any major repairs or renovations that may be required. The levies are determined by the owners corporation based on a budget that takes into account the expected costs of maintaining and operating the common property.
It is important to understand that common property is a shared resource, and that all residents have a responsibility to help maintain and preserve it.
This includes following any rules and regulations that have been established by the owners corporation, and avoiding activities that may cause damage to the common property.
In conclusion, common property is a crucial aspect of the functioning and sustainability of multi-unit developments, and is an important consideration for residents. It is managed by the owners corporation, and provides residents with access to shared amenities and facilities.
Understanding the role of common property, and being mindful of the responsibilities that come with its use, is essential for ensuring the long-term success of the community.