Welcome to Welkom, where homes are more than just spaces;
they're all about diverse communities. If you're considering buying property in Welkom,
sectional title living is a must-know. From 'sections' to the advantages of a
body corporate, we'll unlock the basics. Let's dive into the world of Sectional
Title Living!
What is sectional title living?
In a residential sectional title scheme, individual owners own
"sections" within a building or a group of buildings,
such as townhouse units within a complex or apartments in a block of flats and
an undivided share of the common property, which includes shared
areas used by all.
Certain portions of the common property can also be
designated as exclusive use areas, granting sole usage rights to
one owner or a group of owners, such as parking bays or private garden spaces.
A "section"
includes the area enclosed by the four walls, which includes windows, doors,
the ceiling, and the floor.
The common property includes spaces which
everyone may use, like the gardens, the driveways, roads, corridors,
staircases, lifts, recreational facilities, the entrance area and the outside
of the building. The body corporate controls the common property.
The body corporate constitutes a legal entity
comprising all the sectional title scheme owners. Its primary purpose is to act
on behalf of the owners, overseeing the financial, administrative, and
physical aspects of the building or complex to ensure their well-being and
upkeep.
Owners need to look after their own sections, pay the body
corporate levy, and make sure they follow the rules set by the body corporate.
These rules apply to everyone living in the complex or building, so it's
important to be aware of them and follow them.
A levy is a monthly fee that all the owners in
the sectional title scheme have to pitch in. It goes to the body corporate or
the managing agent if there's one. They use these contributions to make sure
there's enough money for common property matters like maintenance,
admin work, paying the managing agent, and, if we've got a bulk meter for water
or electricity, determining the costs for your specific section.
What does the levy include?
In most cases, these levies cover:
- Costs for water, electricity of
the common property, repair and maintenance of shared electrical items such as exterior
lights, swimming pool, gate motors, electric fence, etc.
- Keeping the building or buildings
insured.
- Paying the managing agent (if
there's one on the team).
- Annual audit fees.
- Security and maintenance costs.
- Plus, any other expenses the body
corporate might need to handle, as decided by the trustees from time to time.
Rates and taxes are charged and
billed on each owner’s utility bill and is not included in your levy.
The Importance of Rules in
Sectional Title Schemes
As
sectional title schemes involve communal living with many people residing in a
building or complex, it's essential to establish rules to ensure
that everyone behaves reasonably and doesn't disrupt the living experience for
others in the community.
Ready to dive into the sectional title adventure? Give us a shout at Q Prop! We're the local experts in Welkom, and we'll make sure you find your dream sectional title property hassle-free. Drop us a message today, and let's get started on this exciting journey together!
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