How do you find out body corporate fees on target property?

Discussion in 'Investment Strategy' started by AlphaCentauri, 31st Mar, 2020.

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  1. AlphaCentauri

    AlphaCentauri Member

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    Hi folks,

    In the process of working out numbers for investing into low rise apartments or units, how would you be able to determine what is the actual body corporate fees/outgoings for various target properties without say, contacting the various sales agents ?

    Also, keen to find out how for properties that are currently not on sale.

    Thanks
     
  2. Trainee

    Trainee Well-Known Member

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    Why not ask the agent?
     
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  3. AlphaCentauri

    AlphaCentauri Member

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    Was wondering what are options to independently verify the information, and also cater for those situations where a property is currently not listed.
     
  4. Dan Wood

    Dan Wood Well-Known Member

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    1. Ask one of the residents
    Or

    2. Find the last selling agent, ask if they know or can give some sort of indication of the fees. Or if they can give you the body corp details.

    3. Find and ask body corp

    You might not get an answer, ever. It may be classified as privacy.
     
  5. Wendy Chamberlain

    Wendy Chamberlain Well-Known Member

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    Most apartments/units that have an Owners Corp will have a sign/plaque of some kind near the entrance (usually on wall or letterboxes), providing you with the details of who the managing OC is. However, as mentioned previously, the OC manager may not give you much info, if anything, due to privacy reasons.

    Fees and outgoings on Victorian property sales are listed in the Section 32 paperwork, but this assumes that a property is for sale and you can get hold of a contract to check.

    You're probably not going to be able to get hold of this info without speaking to an agent. Potentially, look at similar style properties for sale to obtain the COS/S32 paperwork on those, to start to draft up rough numbers for similar units/apartments. Not an exact science, but will at least give you some ball park figures to get started on.
     
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  6. bunkai

    bunkai Well-Known Member

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    They are often shown in the advertisement on domain or real-estate.com.au.

    What outcome are you looking for?
     
  7. datto

    datto Well-Known Member

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    I have thought about this as well. The best I came up with was to rummage through the garbage bins in the hope of finding a levy notice.
     
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  8. Dan Wood

    Dan Wood Well-Known Member

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    Only works if they're for sale..

     
  9. bunkai

    bunkai Well-Known Member

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    That's not true. All units are up there with their details. Maybe change your background to black so you can see the white writing.