What is common property?
Posted on 11 March 2020
Common property can often be a contentious issue and is sometimes not so straight forward.
In Victoria, Consumer Affairs defines common property as whatever it is stated to be on the plan of subdivision.
This could include the garden, nature strip, fixtures, fittings, passages, boundary walls, stairwells, pathways, ramps, driveways, lifts, foyers, fences, electrical wiring, even airspace, or more obvious assets like pools, lounges, and tennis courts.
Common property is collectively owned by the lot owners as ‘tenants-in-common. Under the Owners Corporation Act 2006, the owners corporation must repair and maintain the shared common property.
The maintenance or repairs to the common property is paid for by the owner’s corporation who has to collect funds from all the individual lot owners– this is usually collected through regular levies or body corporate fees. The strata company must ensure that the building is well kept, maintained and that all features are up-to-date.
If an individual lot owner wants to alter or renovate a part of common property, they need to first seek permission from the strata property management, for example, if they wanted to add a fence or a wine cellar.
If you are unsure of what is your individual lot and what is common property then it’s important to always view the property’s plan of subdivision to accurately determine the common areas.
When you own an apartment, the common property is a part of the overall value of the place. Therefore, it is important to all owners that common property is well maintained and looked after.
Melcorp Strata is one of the leading residential strata management companies ensures your property is always taken care of. We want residents and owners to be proud of their homes, and continually strive to protect the community and their building.
If you’d like to know how we can help your building look after its common property, speak to one of our specialists today on 03 8638 1822.