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    Default Body corporate fee

    deleted for privacy....
    i'm wondering if it is normal for bcc fee to be very high and is there any limit on how much they can increase?
    Last edited by lovesushi; 27-12-2012 at 01:54.

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    Default Re: Body corporate fee

    We pay about $2000 annually and the house is 45 minutes from Perth cbd. Not sure about Brisbane though. It depends on who runs the body corporate and also how much common property there is. Also you need to take into account what the body corporate does for the tenants. Our body corporate mows the front lawns of the front properties. Keeps the place looking near and presentable. Look into it all. Sometimes a unit isn't the best option, and a house would be better. My DP regrets buying the unit because we pay a lot in fees and rates, as opposed to just rates...

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    lovesushi  (27-12-2012)

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    Default Body corporate fee

    Very normal in Sydney! We have some in the city that are $20,000 pa! If there are lifts and pools/gyms the fees are higher, they can increase them when they need to, usually just to cover the rises in insurance and maintenance costs, usually the smaller the unit block the cheaper they are

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    $20,000 that is crazy!

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    the body corporate is often responsible for the building insurance (not contents), and also for the maintenance of common property. So if the property has a lot of common areas (pool, lawns and gardens etc, lifts, security gates and intercom system etc) then the strata fees will be more expensive.

    And no - there is no limit to how much can be charged. It is set by the corporate body, which is elected by the owners of the units.

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    Default Re: Body corporate fee

    If you want to keep bc fees down, avoid pools and elevators and other expensive items on common property. I had an old unit in an 8 pack from 2006-09 and the bc fees were 2000 pa. But now that I have a house, I pay close to that on insurance and maintenance, so 2000 wasn't too bad in retrospect.

    The bc fees can increase. The law in qld has changed a couple of times in the last few years, which has seen some fees jump astronomically.

    If you buy a unit, make sure the contract is conditional on you being satisfied with a search of the bc records. Get your solicitor to draft or check this clause before signing contract. Then get solicitor to arrange a search of records, as they may reveal that further levies need to be raised as the bc holds inadequate funds to meet maintenance.

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    Default Body corporate fee

    And older can mean more expensive too as the sinking fund needs to be bigger.

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    Default Body corporate fee

    Yep we own two properties with bc. With the newer property it's about $55pw ( property has pool and a bit of gardens) the older one is only $35pw but we have had to pay around 6k in the past 6 years for "special levies" and I know there is more major work to come ( retaining walls/ earthworks, roof replacement).
    Pros I've found is that ( particularly for older property) the cost is shared ( if it was a house then you would be liable for entire cost) however the big con in that if the committee want it done on x date then you need to fork over the cash then even if it's inconvenient for you ( ours wanted 2k just before our wedding with only a month or twos notice)

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    If you are serious about the property make sure you get a Strata Report to check the Body Corporates records, they should tell you what major work has been done in the past and what is due to be repaired/replaced/maintained and where exactly all that money goes to. You will be able to see if they are a black hole of money or miss managed. Well worth the couple of hundred $ to make sure you're not stepping into a sinking ship.

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    Default Body corporate fee

    Quote Originally Posted by Maia View Post
    If you are serious about the property make sure you get a Strata Report to check the Body Corporates records, they should tell you what major work has been done in the past and what is due to be repaired/replaced/maintained and where exactly all that money goes to. You will be able to see if they are a black hole of money or miss managed. Well worth the couple of hundred $ to make sure you're not stepping into a sinking ship.
    Agree but remember some body corps don't have to do list either


 

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