Golden Treasure Frequently Asked Questions
Enjoy living in the penthouse, become a landlord or sell for tax free windfall. You choose!
We answer some questions you may have if you win first prize – an entire 7 apartment complex.
Q. What happens if I win first prize?
Q. What options are available if I choose to become a landlord of this property?
If you win first prize, you will be called by an RSL Art Union staff member to confirm the win and discuss the options available to you. A letter will also be sent out via registered post to confirm the win in writing.
The winner of this prize will gain the enviable title of landlord of the entire luxury apartment complex. Many owners manage their investment property themselves; others choose the easy option of engaging professional services. If your time is valuable, it is often best to engage a property manager for rent collection, maintenance and finding the best tenants. There are many professional real estate agents on the Gold Coast to choose from. It’s that easy!
Q. What happens if I want to sell the apartment complex or some of the apartments?
The Body Corporate has been fully set up so you don’t have to worry.
Each apartment has an individual property title giving flexibility to sell them as individual apartments. If you are not sure how to best enjoy your $4 million property portfolio, check out our online calculator
Q. What is a body corporate?
A body corporate is formed by the owners of a piece of land that is subdivided into apartments to manage, to maintain the common areas everyone uses like the stairwell, car park, pool etc. This also allows the apartments to be sold individually as they have a separate title.
Q. What do the levies go toward?
The Body Corporate is responsible for providing public liability insurance cover for the building to ensure that in the event that something happens, the policy will replace or reinstate the building back to its original condition.
The levies also go towards the administration and sinking funds.
- Administration funds cover day-to-day things like insurance, pool and garden maintenance etc.
- Sinking fund cover future capital expenses like driveway refurbishment, repainting, maintaining the lift and repairing roofs and gutters.