Investing in a property within a Body Corporate framework can offer promising prospects, but it is essential to do your research and understand the responsibilities and commitments involved before buying in. Below, we've curated our top tips to guide you through the process of buying within a Body Corporate and highlight key considerations you shouldn't overlook. Top Tips for Buying an Investment Property in a Body Corporate Understand the Nature of a Body Corporate: When you purchase a unit, you automatically become a member of the body corporate. All unit owners in a unit title property make up the body corporate, and they must hold an AGM at least once a year to discuss body corporate matters and vote on decisions affecting the complex. The body corporate is responsible for managing finance and administration relating to the common areas, and the property as a whole. Gaining insight into the intricacies of a body corporate is vital for making informed investment choices and safeguarding your financial interests. Armed with this knowledge, investors can adeptly navigate complexities, mitigate risks, and foster a conducive and harmonious community environment. Ultimately, this understanding contributes to enhancing the value and sustainability of your investment. Familiarise Yourself with the Unit Titles Act: This is the law which governs all unit title properties, and sets out the rules and regulations so they can be managed effectively. You can refer to the Unit Title Act 2021 here: https://www.unittitles.govt.nz/about-unit-titles-and-body-corporate/ Know the Rules and Bylaws: Each body corporate will have its own set of rules and bylaws governing things like noise levels, renovations, pet ownership, and use of common areas. Make sure these align with your investment goals and lifestyle. Check Insurance Coverage: Confirm what insurance coverage the body corporate has in place for the building and common areas. Consider supplementing this with your own landlord insurance to protect your investment. Consider the Size of Your Investment Property: When choosing the size of your investment property, you should consider the local real estate market conditions, the demand for different property types, and your budget. Studio and one-bedroom apartments are popular lower cost options, but depending on your budget two-bedroom apartments may also be a good investment. Larger properties appeal to families and professionals looking to share with others, increasing your potential rental return. Clarify Maintenance Responsibilities: When buying a property in a Body Corporate, it’s important to understand which maintenance jobs you are responsible for, and which costs are covered by your Body Corporate fees. In a nutshell, your Body Corporate is responsible for: common area upkeep; building exterior maintenance and repair; shared utility maintenance and common property insurance. In many cases the insurance of the structure of the building is also a Body Corporate responsibility. Unit Owners are responsible for: maintenance and repairs within individual units; tenant-related insurance; compliance with BC regulations; and insuring their own personal property within the unit, as well as any contents provided to tenants (e.g., furniture and appliances). Consider the Location: Location is key in any real estate investment. Evaluate the area's growth potential, rental demand, and proximity to amenities, public transport, and employment hubs. Factor in Body Corporate Fees: Body corporate fees (Levies and Sinking Fund Contributions) can significantly impact your cash flow so its important to factor these into your financial calculations when assessing the investment potential of a property. As a potential buyer, you can request the disclosure statement and financial reports to also understand the breakdown of fees and how they are managed. Assess Financial Health: Examine the body corporate's financial statements to ensure they are well managed and have sufficient funds for maintenance and unexpected expenses. High fees or underfunded reserves could be a red flag Understand the Insurance Coverage: Review the insurance policy held by the Body Corporate to ensure adequate coverage for the property, common areas, and shared facilities. Verify whether the insurance covers structural damage, liability, and any specific risks relevant to the property's location (such as natural disasters). It is also important to enquire about the Body Corporate's claims history and any past insurance claims related to the property. Inspect the Property: To ensure the building is structurally sound and weathertight it is important to have a professional conduct a thorough inspection of the property to assess its condition and any potential maintenance or repair issues. Pay particular attention to common areas and shared facilities, as these will be managed by the body corporate. Factor in any maintenance costs or upcoming renovations when calculating your investment returns. By thoroughly researching and understanding the dynamics of investing in a property within a body corporate, you can make informed decisions and maximize the potential returns on your investment. For more information and to access a guide on unit titles, click the below link: https://loom.ly/RaWBFM8

At CBCS, we understand the challenges of property maintenance and managing your body corporate unit. That's why we're here to offer our industry expertise and unmatched commitment to client service. Whether you're struggling to keep up with maintenance tasks or seeking tailored recommendations for repairing or improving your property, we can help. With our dedicated team, we'll work closely with you to arrange property maintenance management as required, taking the stress out of managing your unit. We also have a team of highly qualified, cost-effective, and efficient tradespeople whom we utilise to provide key maintenance services. These services include cleaning, yard maintenance, building upkeep (such as plumbing and electrical work), window cleaning, and building warranty of fitness checks (with paperwork management handled by us). Our goal is to ensure a more profitable and enjoyable experience for you, just as it should be. So, if you're interested in learning more about the benefits of full-service property management, give us a call today at 04 970 5435. 

Body corporates often encounter a multitude of challenges in managing shared properties. From financial management and maintenance to legal compliance and resolving disputes among owners, these tasks demand substantial time, expertise, and coordination. Tackling these challenges alone can be overwhelming. However, with the support of an experienced body corporate management company, these issues can be expertly handled, ensuring the smooth operation of your body corporate. At Complete Body Corporate Solutions, we understand these challenges intimately and are dedicated to providing tailored management solutions to ensure the seamless functioning of your body corporate. This allows you to concentrate on other aspects of property ownership with peace of mind, knowing that everything is taken care of. Despite being a small team, we provide comprehensive solutions and use up-to-date technology and systems, such as Xero accounting software and provide a secure portal committees, to deliver the highest quality of service to our body corporates.  Contact us today on 04 970 5435 and discover how we can make a difference in managing your body corporate!

Exciting News! We've recently revamped our website and added a brand new resource section just for you! Now, accessing helpful tools and guides is easier than ever. Simply click the 'Resources' tab on the top toolbar above to explore! In our new resources section, you'll find a Body Corporate common terminology page! This glossary, designed for new unit title owners or anyone needing a quick refresher, aims to help you better understand the technical terms of Body Corporate, simplifying the jargon. Plus, we've moved our CBCS login portal to this section for your convenience. Managing your account has never been simpler! In the coming months, we plan to release additional resources, such as informative and handy playbooks, to further enhance your knowledge. Keep an eye out for these exciting updates!

When you own a unit property, one of the highest ongoing costs is maintenance and repairs. From regular pest control to emergencies and larger issues, small unresolved problems can create costly issues in the future. Although spending on maintenance now may feel like a restriction to your cash flow, investing in these areas can prevent larger bills in the future, ensuring year-round upkeep of your investment property. Here are 4 ways to save money on maintaining your unit property: HVAC Maintenance: Many modern properties today have air conditioning. While this makes living comfortable for tenants, these appliances need regular maintenance to keep them in top condition. Ideally, you should have someone check your air-conditioning and heating units annually. Doing this now can extend the life of the unit by 5 to 10 years. Roof Maintenance: A property’s roof is the first thing that defends a property from the elements, especially rain and hail. If you don’t keep up with annual roof maintenance, your property could end up with leaks that get worse over time, causing costly water damage. Make sure you get a professional to check your property’s roof each year to repair any broken tiles or replace mortar. Plumbing Maintenance: Plumbing problems are another set of small inconveniences that can grow into costly repair jobs if they aren’t fixed quickly. If a tenant reports something like a leaking tap or toilet, make sure a plumber fixes this as soon as possible to prevent further damage. Pest Control: It’s much easier to do annual pest control than try to address an infestation of insects or rodents once they’ve made themselves at home.

Understanding your responsibilities as a body corporate unit title owner is paramount to maintaining harmonious living within shared spaces.  As a member of a body corporate, you're part of a collective responsible for managing common areas and upholding shared regulations. This involves contributing to maintenance costs, attending meetings, and adhering to established rules to ensure the property's upkeep and functionality. By embracing these duties with diligence and showing respect for fellow owners, you play an active role in maintaining the smooth operation and preserving the value of the community. For guidance on unit titles, body corporates, and your role and responsibilities as a unit title owner, please visit the following link: https://www.unittitles.govt.nz/

Increasing the property value of your body corporate involves strategic planning and collaborative efforts from all members. By implementing these strategies and fostering a collaborative approach within the body corporate, you can enhance the property's appeal, attract quality tenants or buyers, and ultimately increase its overall value. Here are some key steps to elevate your property's worth: 1. Foyers and lifts in high-rise buildings should be kept clean and tidy and smell fresh. Adding a few inexpensive houseplants can make it feel like a very homely and inviting space. Post boxes should not be overflowing and any unwanted junk mail or mail should be quickly disposed of and not left littering the area. 2. Items in communal areas that are broken or obviously worn out should be repaired or removed and discarded (or better yet - recycled). 3. Garden areas should be free from leaf litter and bushes should be trimmed and maintained in the outside common area. 4. By-laws adherence should be managed by the Owners Corporation/Body Corporate and things such as parking rules, animal management (no excrement in common areas), placement of air conditioner external units, patios and other external individual lot additions should be properly enforced with reference to a legal entity. 5. Communal lighting should be in good working order and broken bulbs replaced quickly.

The leaves are changing colour, Ngahuru/Autumn is here! As the days grow shorter and we transition into colder weather, it's essential to begin preparing your property for the coming months ahead to avoid running into potential problems later, protecting your investment to a high standard. To ensure you don’t miss anything, the key is to create a maintenance checklist. Here are just a few tasks to add to your maintenance list: · Service heating systems · Change heat pump filters · Sweep chimneys · Check the smoke alarms · Book a roof inspection · Check trees are not overhanging your property or gutters · Clear your gutters · Pest proof your property (particularly for rats and mice) Need help? Did you know that we can help organise your property maintenance or provide personalized suggestions based on your property? Give us a call today to find out more on 04-970-5435.