body corp and rates?

[2CheekyMonkeys]

thanks arimeh, oh it is all so very confusing. LOL more comlicated than i first thought it would be!

[Arimeh]

If you have any questions - just ask. I'm pretty up to date with my knowledge (even though they change legislation and rules all the time) i last did conveyancing in November.

[Karina]

We live in a unit and we pay body corp and council rates. It would really depend on whether you have a body corp or not, as some townhouses dont have it.

Usually, BodyCorp insures the Building and I think for us they also insure the fixtures and fittings, but we are responsible for insuring our contents. When we were having all the conveyancing done, we got the strata/body corp report and it showed us information about the levies, what was in the sinking fund at the time and a few other things. We pay $450/quarter for body corp and $180/quarter for council rates. There are some units in my building that have larger garages/balconies or the unit is just bigger and those people pay a higher body corp levy. For a house, you'd have to pay more in council rates than you would for a villa//townhouse.

[Maruschke]

I think the 4 pools would make it overall more expensive to run, hence higher BC fees. Although to be honest 500 a quarter isnt that bad!

I am the BC chairman for our complex . It's a lot of work!

[2CheekyMonkeys]

so the BC covers insurance of the building? so you wouldnt need to get home insurance just contents insurance?

[Maruschke]

Yep that's right. They usually have public liability insurance as well. HTH!

[Karina]

Yeah our BC insures the actual building, the common property, and has public liability of I think $30 mil. We just get contents insurance for all our stuff.
We've had to have a couple of repairs done and our BC has covered it for us - this was for stuff like upstairs pipes bursting and causing damage to our ceiling.
For $500 a quarter with stuff like pools, I think thats very reasonable. We pay about that too, and we have no pools!