Do you own a unit or apartment? You're probably getting screwed

Apartment and unit owners would know all about body corporate management fees.

Virtually every apartment or unit complex has a body corporate which is responsible for common areas of the property (for example, lifts, swimming pools, driveways or gardens).

While owners will form the body corporate itself, management of the body corporate is almost always outsourced to a professional body corporate manager who handles administration, insurance, organise repairs and meetings.

The cost of body corporate management will vary wildly from $500 per apartment per year to more than $20,000 per apartment in luxury high-rise blocks.

Most (if not all) owners simply cough up the body corporate fees without questioning how they are spent. However, it is worth considering exactly what these fees go towards. ............

This Article was published by crikey.com.au - its worth reading the whole article

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