Body Corp fees too high ?

Discussion in 'Property Management' started by Jenny, 24th Jun, 2016.

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  1. BB5

    BB5 Well-Known Member

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    Block of 6 in Brisbane I pay $220 per quarter admin fund.
     
    BB5, 16th Jul, 2016
    #41
  2. P Roperty

    P Roperty Member

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    Same, I pay $236 per quarter for a block of 6 in Brisbane. BB5, we can both sleep at night hahaha
     
    P Roperty, 18th Jul, 2016
    #42
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  3. sanj

    sanj Well-Known Member Premium Member

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    to be honest if we're talking apartments and not townhouses id be worried if its that low. Just over $5k for strata management fee, insurance, little bit of maintenance/cleaning, electricity, etc
     
    sanj, 18th Jul, 2016
    #43
  4. BB5

    BB5 Well-Known Member

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    No strata management fee, it is self ran. Insurance Is 4k. No lift. Minimal garden maintenance required. Mainly owner occupiers who look after the place.
     
    BB5, 18th Jul, 2016
    #44
  5. Matthew Savage

    Matthew Savage Well-Known Member

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    That does seem too cheap. Are you sure that your scheme is doing its annual fire inspections & occupier's statements and safety reports, and 5 yearly insurance valuations? If your building was built prior to 1984 you also need an asbestos audit.

    Compliance seems like money for nothing (and often is) until someone trips over and hires a no win-no fee lawyer to sue the body corporate and committee members.

    It's worth looking into those areas to make sure you are adequately protected. There is no insurance cover available for committee members that are negligent (committee members are required by acquire an understanding of the BCCM Act and to take reasonable steps to ensure that they have complied with the Act).

    Matt
     
    Matthew Savage, 19th Jul, 2016
    #45
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  6. RPI

    RPI SDA Provider, Town Planner, Former Property Lawyer

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    Some Body Corps in Brisbane

    Low Set - no pool etc

    Ascot $400/ qtr Admin $280/ qtr Sinking
    Clayfield $365/qtr Admin $115/qtr Sinking

    Highrise

    CBD $1600 / qtr Admin $150/qtr Sinking
    Valley $1350/qtr Admin $190/qtr Sinking
     
    RPI, 19th Jul, 2016
    #46
  7. sanj

    sanj Well-Known Member Premium Member

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    thats what I was thinking too, the only way it's possible, and even then it's tight, is if we're talking townhouses on a strata plan and not apartments as the fire safety inspection issues etc are not a factor and there usually isn't the need for cleaners, bin collection etc as everyone does their own
     
    sanj, 19th Jul, 2016
    #47
  8. BB5

    BB5 Well-Known Member

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    No need for cleaners, bin collection and fire equipment is maintained regularly and also compliant with evacuation plans etc. Built in the 90s no asbestos. I'm not sure why the surprise. We aren't talking a big block here. Also managed to knock insurance down substantially with previous insurer by getting many competing quotes. I doubt a 3rd party would bother unless pressed.
     
    BB5, 19th Jul, 2016
    #48
  9. Azazel

    Azazel Well-Known Member

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    Yeah, $1,200 seems pretty common, and a good deal, on the older ones.
     
    Azazel, 20th Jul, 2016
    #49
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