How much are your body corporate fees?
I have a unit in a group of 10.
$400 a year pays for building insurance and lawn mowing of common lawn areas. ( in Vic ).
I have noticed similar units are up to $1000 and even $1500 for body corp fees .
These are units with nothing special like gyms or lifts or pools etc.
I wonder what the average min and average max is?Frosty1.
It varies widely – if the BC is self managed, occupants do the gardens/lawns, low sinking fund contributions etc would keep levies down however there are public risk/workers comp issues in this approach.
Strata fees generally cover building/PL insurance, lawn maintenance, common area costs etc as well as the sinking fund (ie maintenance levy). A well managed strata complex has a healthy sinking fund indicating that the BC is actively maintaining the property.
On an old property of mine the BC fees were low, but any time substantial maintenance was required they always had to raise an additional levy to cover it.
ours (in my opinion) are overpriced. $1100 a year for one unit in a set of 4.
Ok.
Melbourne Metro – 1 of a set of 8 units = $720 year
Regional Vic – 1 of a set of 4 units = $800 year
Go figure!
Both have low cash reserves with no big maintenance expenses recently.
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