Everything you Need to Know About Owners Corporations

Published On: 14 Jul 21

Owners Corporation at Botanic Melbourne

Owners Corporations, otherwise known as Body Corporates, have a very important role to play in many residential complexes, especially apartment developments.

An Owners Corporation is made up of a couple of different parts:

An Owners Corporation Manager and An Owners Corporation Committee.

An Owners Corporation Manager is a company employed by the Owners Corporation Committee to administer the wishes of the Committee.

An Owners Corporation Committee is made up of Apartment Owners and the Committee votes to make decisions for the Building. Any apartment owner is able to nominate to be part of the Committee.

Owners Corporation Fees

You will no doubt have heard people talk about OC Fees or Body Corporate Fees. These are the fees that all apartment owners are required to pay in order for the building to be maintained and to ensure essential services are provided to residents. These costs include things like:

  • Insurance for the building structure
  • General lighting and power (for instance, power for lifts, corridor lighting, power for car park roller doors etc.)
  • Cleaning for all communal areas
  • An onsite Building Manager
  • The costs associated with making sure essential services meet required standards
  • General repairs and maintenance
  • And a fee for a company to administer the building and enact decisions of the Committee
  • The list can go on…

All of these costs form an Owners Corporation budget.

Each apartment owner pays a portion of the budget in the form of a quarterly levy or fee. The amount payable is based on the size of the apartment lot and any storage or car park lots.

Here are some examples at Botanic Melbourne:

Evolve Development has achieved a balance at Botanic by offering beautiful and functional amenities whilst being mindful of the cost to owners in future.

Have any other questions about Botanic’s Owners Corporation? Get in touch with our friendly sales team today by calling 1300 366 209 and they’ll be happy to assist!

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