For property investors with apartments or units, body corporate fees represent a recurring expense worth understanding. While newer developments boasting amenities like pools and gyms may entail higher fees to cover maintenance, such fees encompass more than just leisure facilities. Delve deeper into the breakdown of expenses within apartment blocks and residential body corporate units.
Understanding Common Property
Distinguishing between individual responsibility and that of the body corporate hinges on recognizing what constitutes common property. Essentially, the body corporate assumes responsibility for managing all common areas. These encompass various spaces like stairs, pathways, elevators, lobbies, mailrooms, and outdoor amenities such as terraces or barbecue areas. Reviewing your property's title documents offers clarity on specific responsibilities.
Addressing Damage
Communal area repairs fall within the purview of the body corporate. While not every repair requires committee approval, funds are allocated annually for maintenance and repair needs. Urgent repairs, especially those posing safety hazards like lifting pavement on pathways, are promptly addressed.
Undertaking Major Building Works
A portion of body corporate fees contributes to the Long Term Maintenance Fund, designated for medium- to long-term maintenance projects. Major endeavors may entail addressing structural issues, fence replacements, or upgrading safety fixtures like balcony balustrades.
Managing Noise Complaints
Persistent noise disturbances, whether from late-night power tool use or raucous parties, prompt body corporate discussions during meetings. For immediate action, contacting the property manager, local council, or law enforcement is advisable.
Navigating Responsibility
Understanding the division between common and individual property is pivotal. Whether you're a current property owner or considering a purchase, grasp your obligations and how the body corporate strategises for long-term upkeep. This proactive approach can mitigate future inconveniences and expenses. Should queries arise, liaise with the sales agent or directly engage with the body corporate for clarification.
Please note, this article serves as informational guidance and does not substitute professional financial or legal advice. Prior to making any decisions, consult with your trusted financial and legal advisors.
