Forums / Property Investing / General Property / Convert a duplex with body corp to freehold or strata title

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  • Profile photo of johkjohk
    Participant
    @johk
    Join Date: 2008
    Post Count: 17

    Hi,

    We own a unit in a duplex that we rent. The duplex is only 1 year old and we had our second body corp meeting the other day.

    After the body corp meeting I had a chat to the owner of the other unit. They brought up that we maybe should look into make it a freehold rather than having a body corporate as it currently has.

    At the moment we actually don’t have any ‘common’ areas that has to be maintained (ie guest parking, bbq area etc).

    We do however share a common wall. The block is just about 280sqm and is build all the way to the boundary on either side.

    Does anyone know if it would be possible to get a strata on a small block like this and also would it be worth it?

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    Thank for suggestions.

    J

    Profile photo of Jacqui MiddletonJacqui Middleton
    Participant
    @jacm
    Join Date: 2009
    Post Count: 2,539

    Hi there, where is the property located?  (ie suburb and state)

    Jacqui Middleton | Middleton Buyers Advocates
    http://www.middletonbuyersadvocates.com.au
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    VIC Buyers' Agents for investors, home buyers & SMSFs.

    Profile photo of johkjohk
    Participant
    @johk
    Join Date: 2008
    Post Count: 17

    Thanks for replying.

    It is in a suburb in Nth Brisbane.

    Thanks,

    j

    Profile photo of Richard TaylorRichard Taylor
    Participant
    @qlds007
    Join Date: 2003
    Post Count: 12,018

    Johk, Darryl Richards is your man.

    Good forum contributor and a wealth of knowledge in the Town Planning for Brisbane.

    Other than that a top bloke.

    Cheers

    Yours in Finance

    Richard Taylor | Mortgage Broker helping investors build their wealth thru property
    http://www.mortgagecapitalaustralia.com.au
    Email Me | Phone Me

    0-40 Properties in a decade with a unencumbered portfolio value in excess of $40M. Ask me for a copy of my API Interview.

    Profile photo of Josh AthertonJosh Atherton
    Member
    @josh-atherton
    Join Date: 2011
    Post Count: 269

    You may not be able to get freehold as there is a joining wall. It will be best to talk to a local town planner. If you need one PM me for the brisbane area. 

    If you can exit from the body corp management agreement that may be in place since it was only set up about a year ago you could use the two lot scheme that came into effect in QLD a year or so ago. this allows for duplexes like yours with no common area to be managed individually by the owner. 

    Josh

    Profile photo of Reno101Reno101
    Participant
    @reno101
    Join Date: 2013
    Post Count: 26

    Hi J, how much body corp do you pay ? , also do you pay extra for fire / public liability insurance ? Is it just yourself and neighbour  in body corp , or is there a body corp company who looks after the fund? , I have had a few units / duplexes over the years and all had different rules  :) 

    Profile photo of johkjohk
    Participant
    @johk
    Join Date: 2008
    Post Count: 17

    Hi,

    The  levy will be going up to $460/qtr which includes the insurance premium of $1700/yr.

    Yes it is only me and the neighbour in body corp but there si an external body copr manager. Their fee is about $300/yr and they do the budgets etc . I don’t mind paying them the $300/yr for the work but was thinking the property would be more sellable if it was not a body corp.

    I appreciate your input

    j

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