Published on: 11 March 2021
Last Updated on: 21 December 2024
Most body corporates tend to be well managed. However, there are still numerous issues that come with such management. It is actually possible for different issues to arise in two buildings that have been built the same way. Here are the top five problems that are faced by many body corporate managers:
1. Financial Stability:
A body corporate is only as stable as its financial foundation. Like many legal entities, a body corporate requires strong financial stability if it is to run smoothly. There are credit contracts to be made, tax returns to be filed and bank accounts to be managed.
If the finances of the body corporate are not managed effectively, many problems start cropping up. Bankruptcy actually becomes a possibility when the entity’s finances are poorly managed. Most times, however, members often contribute funds to prevent the entity from sinking into debt. To avoid falling into this pitfall, take a good look at the body corporate’s finances before you invest in it. Look at the cash levels and debt ratios. This should give you a sound estimation of the entity’s financial stability.
2. Compliance with The Law:
Another common issue that many body corporate managers face includes compliance with regulatory requirements. Compliance with legislation means much more than simply complying with the BCCM Act. There are fire safety rules to comply with and pool safety regulations to be adhered to. Sure, complying with the law will increase your management costs, but it’s much cheaper than having to pay fines or to face the consequences that the law is trying to prevent.
3. Management Problems:
Poor management can be just as costly as non- compliance with legislation. Usually, the problem with management comes where the committee members are volunteers. This means that they have to squeeze in hours to do the management work in addition to their regular jobs and their family responsibilities. Poor management can be costly to any body corporate manager. Before you decide to venture into this investment, make sure that the properties are properly managed. Look at compliance with the law, fiscal strength and how well the management promotes harmonious living.
4. Dispute Resolution:
When people live together, disputes are inevitable. In strata management, disputes can also be very expensive. Whether the cause of the dispute is noise or failure to abide by the set rules, it can be a very stressful time. Sometimes, disputes end up in court or arbitration, and this is both time consuming and costly. In order to avoid unnecessary disputes, it is best to have clear rules that are enforced strongly.
5. Building Condition:
The state of the buildings can also be a cause of a headache for property management. New buildings are often riddled with many defects; and old ones require renovation and refurbishment. You might think, but there are insurance companies to take care of the defects, right? However, sometimes the insurance companies just won’t pay, and you are suddenly faced with the problem of having to improve the state of the buildings. This can be rather stressful and costly.
Conclusion:
Most of the above problems are related. Poor management will certainly lead to poor dispute resolution as well as financial instability. If there is no money available, renovating buildings and fixing problems will be impossible. Although most body corporates are properly managed, a fair share are riddled with issues. And sometimes, those issues can go unresolved for a long time.
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Bridging loans have become popular among borrowers for all the right reasons. With everyone talking about bridging loans, including the mainstream media, the chances are that you have already heard of these loans before.
This is especially true if you are trying to move houses. However, several people do not know what a bridging loan is and how it works.
Taking a bridging loan could be the best thing to do if you have found a dream house you want to acquire before someone else buys it, and you are yet to find a buyer for your existing home, which still has a mortgage.
A bridging loan will give you the funds you need to buy the second house as you wait to sell the current one. Even so, there is so much more to bridging loans than you might imagine.
In this guide, we will discuss everything about bridging loans from the basics, pros, and cons. keep reading to discover everything you need to know about bridging loans.
So what exactly is a Bridging Loan?
Simply put, a bridging loan is a short-term loan taken on top of the current home loan. As the name suggests, a bridging loan is usually taken when you need to buy a new house immediately before selling your existing home. When you take this loan, you will be paying interest on two loans.
To put things into perspective, bridging loans are a form of interest-only loans.
The value of your existing property will determine the value of the loan. It is also vital to note that these loans have limited terms and contain special concerns. Depending on the lender, the amount and terms of the loan will vary. You can view this bridging loan calculator first before you apply for the loan to get a glimpse of your financial responsibilities.
The structure of bridging loans differs from one private money lender to another. Some private lending providers will require you to continue serving your loan until you settle in your new property. The private finance providers will the interest of your two loans together during the loan duration.
Once you find a buyer for your second property, the mortgage will be discharged. You will then start paying the principal and interest of your current loan. On the other hand, other private lending providers will ask you to service both loans after taking a new one.
After the sale of your home, the initial mortgage will be discharged, while the bridging loan might be converted into the home of your choice for your new property.
When taking a bridging loan, it would help to think about compounding interest because you will be charged for both loans. Always keep in mind that you will end up paying more than you should if you fail to find a buyer for your house quickly. Bridging loan interests are calculated daily and charged monthly.
Another key element you should have in mind is the duration of the bridging loan. These loans usually last around six months to 12 months, depending on the private finance providers and your preferences. Your loan length will be six months if you buy an existing home and 12 months for a new one.
What are the Pros and Cons of a Bridging Loan?
Now that you are aware of what a bridging loan is and how it functions, it is time to look at the pros and cons. Understanding the benefits of these loans and the challenges you are likely to encounter when you take a bridge loan will help you make the right decisions. Here are the pros and cons of a bridging loan:
The Benefits of a Bridging Loan:
Bridging loans have so much to offer. It is crucial to understand what you should expect with this type of loan to get the best options. Here are the pros of bridging loans:
More Convenience:
Do you want to buy your dream home quickly? A bridging loan will allow you to do just that even if you have not sold your existing house just yet.
Flexible Repayments:
Depending on your bridging loan structure, you will only have to service your existing home loan finance when you take a bridging loan.
Avoid Further Expenses:
You will not have to rent when you take a bridging loan. It will allow you to move even if you do not have a buyer for your house.
Considerations of a Bridging Loan:
Like is the case with any other type of loan, bridging loans also have their fair share of cons. For instance, you will be forced to pay more if you fail to sell your house as soon as possible.
Choosing the Best Bridging Loans for Your Needs:
Bridging loans are categorized as open bridging loans and closed bridging loans. Closed bridging loans have a pre-determined settlement date while open bridging loans do not have an agreed settlement date.
When looking for a bridging loan, it will help to consider the duration, interest rates, and loan structure. It would also help to compare alternative loans before making the final decision.
Above all, it is essential to find the right private lending company. Fortunately, you can use an easy-to-use online platform such as ADS.finance to find the best private finance option near you.
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Although home swapping primarily means the exchange of residences, it is actually much more than that. Basically, you are inviting yourself to immerse yourself in a new culture and community.
In fact, you are helping to create global connectivity. This way, you will be able to live like locals, offering a unique travel perspective.
In addition to that, with the rise of platforms like Academic Home Rentals and Exchanges, the process has become more streamlined. Hence, you have a lot of options to explore diverse destinations without breaking the bank.
As a result, this unique travel solution is getting more popular with time. This is due to the financial benefits as well as the ability to get new experiences.
Important Points: You can experience authentic new destinations and live like locals with home swapping. Also, you can help create a strong global connectivity. Home swapping has a lot of financial benefits. This is because you are eliminating accommodation costs. Meanwhile, you are also promoting cultural exchange and local lifestyle. If you successfully exchange your home, you need to have clear communication and preparation. Also, you will need to set your expectations beforehand and share useful resources with your guests. When you are indulging in home swapping, you need to ensure trust and transparency. This way, you will be able to ensure that both parties are comfortable. Home swapping is also creating a more sustainable and culturally immersive travel experience. Basically, the focus is to create global connections and reduce reliance on traditional tourism infrastructure.
Why Home Swapping Is Getting More Popular?
Nowadays, the world is becoming increasingly interconnected. Hence, home swapping emerges as a modern means to bridge cultural gaps. Apart from that, it helps to invite curiosity and create memorable travel experiences.
As people seek more personalized travel adventures, this method stands out as the perfect blend of exploration and cultural education. In addition to that, it offers a unique opportunity to bypass typical tourist experiences and engage deeply with local life.
Moreover, as the travel landscape evolves, home swapping provides a refreshing alternative to traditional accommodation options. Also, it is opening doors to authentic and immersive stays.
Here, you will be able to enjoy the rhythm of local life, whether in a bustling city or the quiet countryside. Also, you can offer the same to your hosts.
What Are The Benefits Of Home Swapping For Travelers?
The following are the major benefits of home swapping that you will benefit from as a traveler:
1. You Will Have An Economic Advantage
The economic advantage of home swapping is undeniable. Firstly, swapping homes will significantly reduce your overhead costs associated with traditional travel.
Also, you will be able to redirect funds towards local activities and culinary delights. Moreover, you will also not need to put up with accommodation expenses, enhancing their overall travel experience.
2. You Will Have Unique Experiences
The benefits of home swapping go beyond saving money. For instance, it will offer you an authentic slice of life. Also, you will be able to experience neighborhoods and surroundings as a local would.
In addition to offering budget-friendly travel, home swapping promotes cultural exchange, making it a rich educational tool. For instance, if you live in someone else's home, it will typically provide you with insights into their lifestyle and routines, creating opportunities for cultural comparisons and deeper understanding.
3. You Can Learn New Customs And Culture
Basically, the opportunity to live in a local home rather than a hotel can significantly enrich your understanding of daily life in a foreign culture.
It opens the door to learning customs, trying traditional foods, and engaging in activities that may not be accessible to tourists. These interactions create a more profound connection to the place visited, one that goes beyond what typical travel allows.
How Do You Find The Perfect Home Swap?
Finding a home swap that aligns with your expectations begins with selecting the right platform. For instance, when it comes to services like Academic Home Rentals and Exchanges, the process begins with setting up a comprehensive profile that highlights your home and preferences.
This becomes your primary tool for attracting suitable swap partners. Also, you will need to be detail-oriented. Here, you might need to include photos, descriptions, and any unique aspects of your home that might appeal to potential swappers.
Once you've searched and narrowed down your options, carefully evaluate potential swap offers. Look for compatibility in lifestyle and travel goals, and engage with partners to discuss the specifics of the swap. In fact, clarity upfront will help you make the difference between a good experience and a great one.
Taking the time to vet potential home swap partners ensures mutual understanding and helps avoid unpleasant surprises.
Always have open discussions about the expectations surrounding the stay, such as pets, cleaning duties, or use of personal belongings. Clear communication is essential to creating a comfortable and enjoyable experience for both parties involved.
How To Perform A Successful Home Exchange?
Successful exchanges hinge on thorough communication and preparation. It is essential to establish clear lines of communication with your swap partner to discuss house rules, amenities, and local tips.
In addition to that, offer a welcome guide with local recommendations, emergency contacts, and other essential information. This will ease the transition for your guests and make their stay more enjoyable.
When preparing your home, consider a deep clean and minor maintenance tasks to ensure your space is inviting. Thoughtful touches, such as leaving a welcome note or stocking the kitchen with basic supplies, can enhance the guest experience and foster goodwill.
These small but meaningful gestures help set the tone for a positive exchange. They show your guests that you've put thought and care into their stay. In return, the effort you put into preparing your home will likely inspire reciprocal kindness from your home swap partner.
Home Swapping Depends On Trust And Communication
Trust, paired with effective communication, is the backbone of a home swap. Open dialogue from the beginning ensures that both parties have aligned expectations, reducing misunderstandings.
Also, you will need to be transparent about your home's conditions and any guidelines your guests should follow. For instance, the Harvard Business Review highlights that trust improves communication, creates a smoother and more satisfactory exchange experience.
While unforeseen issues can occur, addressing them promptly and respectfully will maintain a positive relationship. Hence, it shows the importance of trust and honesty throughout the process.
Good communication also means being available for your guests or hosts if questions or concerns arise. Staying responsive and approachable makes the entire experience smoother, enhancing the overall satisfaction of both parties. The willingness to navigate challenges together strengthens the bond of trust and leads to long-lasting friendships.
Common Misconceptions About Home Swapping
There are many concerns regarding security and privacy regarding home swapping. However, most platforms offer robust systems with verified user profiles, reviews, and secure messaging to ensure reliable exchanges.
Hence, trustworthy communication between parties can dispel most apprehensions and myths about this practice.
In addition to that, with personal boundaries respected and clear agreements outlined from the start, many of these misconceptions are quickly dispelled. This will promise a safe and enjoyable experience for all involved.
Setting clear expectations from the beginning is key to a positive and secure experience. Both parties can ensure their stay is as comfortable and worry-free as possible by agreeing on house rules, including pet care or home security measures. This shared understanding leads to a smoother and more enjoyable exchange overall.
How Home Swapping Is Shaping Modern Travel?
The evolution of travel is being significantly influenced by home swapping, offering a glimpse into the future of more sustainable, community-oriented, and authentic travel.
This approach allows for reduced reliance on hotels and resorts, thereby diminishing the environmental footprint vacationers leave behind.
As the trend continues to grow, home swapping satisfies a desire for economical and diverse travel experiences. Moreover, it helps to create a global community where trust and cultural sensitivity are at the forefront, redefining how we see and engage with the world.
In the future, home swapping may become a standard practice for travelers seeking genuine, sustainable, and enriching experiences.
Furthermore, as the world becomes more interconnected, this method could foster deeper cross-cultural understanding. Also, it will offer travelers the opportunity to create lasting, meaningful connections.
The Way Forward
Home swapping is an innovative and enriching way to travel that goes beyond just exchanging residences. Basically, it offers a unique opportunity to experience new cultures and connect with local communities.
For instance, eliminating accommodation costs and fostering cultural exchange provide travelers with more authentic, immersive, and budget-friendly experiences.
As home swapping continues to evolve, it encourages travelers to embrace sustainable, responsible tourism while building lasting relationships across the globe.
The key to a successful home swap lies in trust, clear communication, and thorough preparation. By setting expectations upfront, respecting boundaries, and maintaining open lines of dialogue, both hosts and guests can ensure a positive and enjoyable experience.
As this travel trend grows, home swapping is shaping the future of travel, promoting deeper cross-cultural understanding and creating a global community of engaged, responsible travelers.
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The different activities that we need good space for daily have made it necessary to always need more structures to accommodate these activities. When you have a good solution to this problem it becomes a huge relief. The good thing is that you might not necessarily need permanent structures to achieve this; some temporary constructions will help a lot and this can help you save cost.
If you are looking for a temporary structure as a pre-fab shop, a commercial building, or a home storage facility, then you should consider a portable building. You don’t need to keep on paying high bills to store your things. With a portable building, you can easily store your assets and valuables at less cost.
Portable buildings otherwise known as transferable buildings are temporary structures that are built and designed to be moved about than permanently installed.
If you are in Oklahoma City, you don’t need to worry about getting good portable buildings. With a little search, you can easily find companies that construct and also sell these structures. You can visit: http://www.qbiusa.com/to learn more about this.
In this article, we will first enlighten you on the benefits you will derive from using portable buildings in your space before looking at how to find one.
Benefits Of Using Portable Building
The following are some benefits of using this structure:
Saves Money
One outstanding feature of a portable building is that it saves users money for permanent structures. The cost of constructing a new building from the foundation can’t be compared to having a temporary structure. The good thing is that it is affordable and this makes it easily obtainable by a lot of people. This means that anyone can conveniently go for a portable building even with a low budget.
Efficiency
With portable buildings, you would have value for your money. You will also have lovely designs to choose from or they can be custom made for you. The good thing is that you wouldn't be worried about space, the structure can fit into the space you have since it is portable.
So, whether you need it as a storage facility, a showroom, or a room for workers, you would be getting a fair deal. All you need do is to make your need known to your contractor and it is done.
Easily constructed
Unlike the permanent buildings that do take days or months to execute, this doesn’t apply to temporary construction. In a matter of hours, this structure will be ready for installation. This means that delivery to the user on time wouldn’t be difficult since the contractor will be done with it in a breeze.
If you wish to construct a portable building and you need a guide, you can check here.
Mobility
Another benefit derived from buying a portable building is its flexibility. It can simply be moved from one location to another. If you are relocating from a site, you don’t need to worry about your temporary construction.
All you need do is to collapse the structure and transfer it to the new site to be installed. This is where saving money also comes in. Unlike permanent structures that remain wherever they are erected for a long time, portable buildings can be taken anywhere.
Durability
The materials used in constructing portable buildings are dependable. The construction can be done with boards, canvas covers, and wood along with robust aluminum and steel frames. These are strong materials that can make the construction very solid.
The advantage here is that your structure will serve you for years; this is why you need to make a good choice of builders to give you the best. Apart from durability from these materials, you would also have a modern building.
Finding Portable Buildings
The following are some tips to guide you:
Check Online
There are several companies that manufacture and sell portable buildings. You can use your favorite search engine to find options around you. Be careful when shopping online as there are fake websites that are used to scam people. You can read this article to find tips on how to identify a fake website.
Use Referrals
You can ask family and friends to recommend a reputable company to work with. However, you still need to make personal findings to verify their claim.
Conclusion
A home or office space that isn’t enough for you should no longer be a problem to you as there is a low-budget solution that will relieve you of this problem; it is portable buildings. You don’t need to spend more money on trying to rent a permanent building every year. Just get yourself a temporary structure at a low cost.
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