Body Corporate FAQs
How much should body corporate fees be?
This depends purely on the body corporate’s budget which again depends on the facilities of the scheme that need to be maintained. The budget is decided on by all owners at a general meeting.
Bodies corporate are not creatures that have discretionary spending. They do not go on holidays nor do they have to buy flowers for their spouse every wedding anniversary and so on. So the costs of maintaining each individual body corporate depend on their own individual characteristics. For example, if you have three pools, eight high-speed lifts, magnificent gardens and grounds and so on, the cost of maintaining those are going to be substantially more than if you don’t have any of those facilities at all.
Each body corporate has a certain amount from a statutory perspective that it must incur. The easiest example is insurance.
If you are ever concerned about your levies, you should look at the budgets and you can also then compare other buildings that might have similar facilities to see that you are comparing apples with apples.