
Why apartment living is the Australian dream
Living the Australian dream is no longer a two storey house with a grand backyard. City areas generate more money for the economy than any other region in Australia. High density areas provide...
Common property refers to areas or elements within a property or real estate development that are shared and used collectively by multiple owners or residents.
Common property refers to areas or elements within a property or real estate development that are shared and used collectively by multiple owners or residents. In simple terms, it's spaces or assets that belong to everyone in a particular community or building. Examples of common property include shared gardens, parking lots, hallways, and amenities like swimming pools or gyms.
The Common Property Memorandum (CPM) serves as a public document that outlines the responsibilities for maintaining, repairing, or replacing various elements of common property within a real estate development. It provides clarity on who’s accountable for specific aspects such as balconies, electrical systems, ceilings, courtyards, flooring, windows, plumbing, parking, and more.
Essentially, the CPM is a reference document that helps property owners and residents understand their roles and obligations concerning shared spaces and amenities, reducing the likelihood of conflicts and ensuring proper upkeep.
Typically, the cost of insurance is often shared among property owners. This insurance coverage is meant to protect shared areas and amenities, providing financial support for repairs or replacements in the event of damage or loss to common property. With this said strata laws and strata insurance differ state by state in Australia.
Compare your property to recent sales in the area to get a current market estimate.
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