Insuring a house or apartment: what's the...
When it comes to choosing an insurance policy for your apartment or house, it’s rarely a case of one-size-fits-all. While apartment complexes and houses often exist side-by-side, there are...
A body corporate is an organised group of individuals entrusted with the responsibility of overseeing and managing the affairs of a strata property like an apartment.
A body corporate is an organised group of individuals entrusted with the responsibility of overseeing and managing the affairs of a strata property like an apartment. Members of the body collaborate to make decisions concerning the collective interests of residents.
The biggest responsibility of a body corporate is maintaining the common areas of the strata building. This includes areas such as lobbies, hallways, pools and gyms. These decisions may include maintenance schedules, improvement projects, and rules governing the use of these shared spaces.
Body corporate or strata fees, can vary depending on the strata building and extent of amenities offered. As a general rule of thumb, you can expect to pay anywhere between 0.3% to 1.2% of a property's value in strata fees. This amount is typically paid quarterly into a fund managed by the body corporate.
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