Body Corporate Fees: Understanding the Costs of Strata Living

Living in a strata property can be a great way to enjoy the benefits of a community lifestyle, but it comes with a cost. Body corporate fees are one of the most important costs associated with strata living, and it’s important to understand what they are and how they are calculated.

What are Body Corporate Fees?

Body corporate fees, also known as strata fees, are fees paid by owners of strata properties to cover the costs of running the building and maintaining common areas. These fees are collected by the body corporate, which is the legal entity responsible for managing the property.

The body corporate is made up of all the owners in the building, and they are responsible for making decisions about the building’s maintenance, repairs, and other matters. The body corporate fees are used to pay for these costs, as well as for insurance, legal fees, and other expenses.

 How are Body Corporate Fees Calculated?

Body corporate fees are calculated based on the size of the property, the number of owners, and the services provided. The fees are usually calculated on a per-square-metre basis, so larger properties will generally have higher fees.

The fees are also affected by the services provided by the body corporate. For example, if the building has a swimming pool or other amenities, the fees will be higher to cover the cost of maintaining these facilities.

The body corporate will also consider the number of owners in the building when calculating the fees. If there are more owners, the fees will be spread out over a larger number of people, which can help to keep the fees lower.

 What Do Body Corporate Fees Cover?

Body corporate fees cover a wide range of expenses associated with running the building. These include insurance, legal fees, repairs and maintenance, and other costs.

The fees also cover the cost of running the body corporate itself. This includes the cost of hiring staff to manage the building, as well as the cost of holding meetings and other administrative tasks.

The fees also cover the cost of any services provided by the body corporate, such as security, cleaning, and other amenities.

What Are the Benefits of Paying Body Corporate Fees?

Paying body corporate fees can be beneficial for owners in a number of ways. The fees help to ensure that the building is well maintained and that common areas are kept clean and safe.

The fees also help to ensure that the building is properly insured, which can provide peace of mind for owners.

Finally, the fees help to ensure that the body corporate is able to carry out its duties and responsibilities, which can help to ensure that the building is managed in a professional and efficient manner.

Body corporate fees are an important cost associated with strata living, and it’s important to understand how they are calculated and what they cover. The fees help to ensure that the building is well maintained and that common areas are kept clean and safe. They also help to ensure that the body corporate is able to carry out its duties and responsibilities, which can help to ensure that the building is managed in a professional and efficient manner.