Buying a block of land with body corporate?

[chb]

Hi All,

What's everyones views about buying a piece of land with body corporate attached? The body corporate is for the general maintenance of the estate and for the running of a small recreation centre(gym,swimming pool). Is it worth buying into these type of places?

Will I be alot worse off for resale?

 

[chb]

no one has any ideas or thoughts on this?

 

[Carl]

Hi All,

What's everyones views about buying a piece of land with body corporate attached? The body corporate is for the general maintenance of the estate and for the running of a small recreation centre(gym,swimming pool). Is it worth buying into these type of places?

Will I be alot worse off for resale?

When you talk about buying a piece of land with body corporate involved, do you mean that you are buying the land which includes all the units on body corporate?? Or are you buying a property which is under a body corporate? i.e. you are one of 1+ property owners???

Bit confused...

 

[chb]

Sorry, that was buying a piece of land that is under body corporate.

I'm planning to build a place and live there but i guess if things don't work out(can't find a job) then i'll have to sell or rent it out

 

[chrispy]

CHB

Does the BC have any say in the type of building? I know from experience Body Corps can be very restrictive, eg I had to cover a $1200 timber door because it didn't fit in with the remainder of the BC where they had cheap white particle doors

Body Corps are a negative in my experience

Chris

 

[JoannaK]

ahhh,,,,I was getting confused and thinking to myself "how can you buy a vacant block of land that has a body corporate attached to it?"

then I realised that you must be talking about a Community Title Scheme (horizontal version of a Strata Plan).

They will most likely have certain convenants regarding what type of building you can build, what sort of materials you can use, time frames in which you have to have your building finished.

If it is what I'm talking about I don't see any issues with re-sale values; it would operate and be assessed like any other Strata property.

 

[chb]

Hi All,

The contracts with the conveyancer and she's informed me that there are design guidelines but not controlled by the body corp(owners corporation). The owners corporation just looks after the gym and common areas. I guess if you own a house you don't expect to pay body corporate so that might be a downfall