I will cover in this particular blog the five purposes of the common property.
Often people wonder why it is necessary for a common property to exist, I am highlighting in this podcast the five purposes and even benefits of having a common property
1. Enjoyment by owners and occupiers or residents of the common property - keeping in line when I refer to common property it includes schools, gyms, playgrounds, tennis court, and all those types of facilities and areas that are shared with other residences. These types of facilities are enjoyed by the residents because not all single dwelling or standalone houses have these types of facilities or are readily available to them.
2. Shared expenses to maintain or repair the common property - if a person and a stand alone house own a pool, they would bear the full cost to repair and maintain a pool. For example, whereby in a common property because it is shared, and enjoyment expenses are also shared which is not a hard hit on the pocket of the owners 3. Democracy is exercised when making decisions to maintain repair the common property - what is excellent about living in a strata community is you get to be heard by your vote on when and how often should repair or maintenance be carried out on the common property and then that way where your vote is counted and it is heard then it is granted you are able to have a say on how much is to be spent and what needs to be carried out on the repair and maintenance of the common problem 4. Strata insurance protects reinstatement of public liability of common property - of course where the expenses and repair and maintenance are shared amongst owners so is the insurance coverage what's good about this is that the owners share the insurance premium to protect the repair and maintenance of the common property and that includes where there's impact damage or accidents that occur in relation to the share facility or common property insurance covers that and the insurance is through the strata insurance which means there's a larger in where its an accident that occurs or impact damage it is highly likely that insurance will cover that on the condition that the continued repair and maintenance of the common property is proven to be carried out by the strata community
5. Keep the value of your individual property within the market value of the property- where the common property is well kept and maintained it has a significant positive effect on your individual property and that means we're able to maintain the property market value and you also have a say the way the common property is maintained there for you have a say in the impact of the same to your proper property market value.