Published On: 14 Jul 21
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:
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!