How To Find Units With Low Body Corporate Fees
Average body corporate fees in south east Queensland run around $5,000 – $6,000 per annum. That’s $96 – $115 per week. Many are a lot higher. The highest levy I’ve ever seen was around $25,000 p.a. or $480 per week. And of course many levies are much lower than that average. The lowest levy I’ve […]
The Hazards of a Poor Body Corporate Committee
For the vast majority of lot owners paying levies, observing by-laws and voting at general meetings will be the sum of their involvement with the body corporate. To a chosen few falls the task of leading and decision making. Management of a body corporate is a simple enough premise: all the lot owners combined vote […]
4 KPI’s To Tell If A Body Corporate Is Financially Sound
A body corporate is a mechanism for managing common property. A mechanism funded by lot owners. Body corporates can and do run into difficulties stemming from many different issues. And if they get into difficulty they’re most likely going to finance any extra funds needed by way of levies on the lot owners. If its important to you to […]
Body Corporate Problems: The 5 Areas Where Things Go Wrong
For the most part body corporates are well managed, fiscally sound, have a great mix of residents and make for good investments. Sometimes though, they’re not any of those things and the results can be incredibly costly and stressful. Body corporate problems come up in all sorts of areas, some easily dealt with, some not so […]
What’s On The Agenda At The Annual General Meeting
Every body corporate must hold an Annual General Meeting (AGM) within three (3) months of the end of financial year. But what if you don’t actually have any business going on at present? There are plenty of body corporate’s out there which are well managed and maintained and have few issues requiring works or owners […]
The Process Of Holding An Annual General Meeting
Every year each body corporate is required to hold an Annual General Meeting (AGM) within three (3) months of the end of financial year. Of course a lot of body corporates do go over that three month limit due to all sorts of reasons. In that case the committee are expected to apply to the […]
Body Corporate Managers: What Do They Really Do?
Body corporates are run by a committee elected by all lot owners voting at the Annual General Meeting. This can cause some problems since body corporates are heavily regulated and the buildings involved can be both innovative and complex whilst most committee members are volunteers with little to no experience of the property industry. Clearly there’s a […]
What Are Management Rights?
Say you live in a body corporate, an apartment building like the one pictured here. Who do you think vacuums the carpet? Who cleans the pool? Who changes the light bulbs? There are hundreds of small tasks involved in maintaining the common property of a building and all those tasks are the responsibility of the […]
Asbestos Register: What Is It And How Does It Affect Body Corporates?
61.4% of New South Wales do-it-yourself renovators reported being exposed to asbestos whilst undertaking renovations of their properties. 39.3% also reported their partner had also been exposed and a further 22.8% that their children had been exposed. I don’t know about you but that idea just terrifies me. Asbestos is such a silent killer. Once exposed it can lurk around […]
The Dangers Of A Majority Lot Owner In A Body Corporate
This week in Purchase or Pass a two bedroom, one bathroom, clean and tidy lot in a good location with pleasing aspect was the subject of discussion. The catch: One lot owner has a 75% majority holding within the building. The panel of experts unanimously agreed they would pass on this opportunity, despite each believing the lot […]