Body corporate fees, also known as levies, cover the maintenance, management, and administration of shared areas and facilities.
They typically include:
1. Building maintenance: Repairs and upkeep of the building’s exterior and common areas.
2. Grounds and landscaping: Maintenance of shared outdoor spaces and recreational areas.
3. Utilities: Cost of utilities for common areas like electricity, water, and waste management.
4. Insurance: Coverage for the building, public liability, and shared facilities.
5. Administration and management: Hiring professionals, organising meetings, and financial tasks.
6. Pest control and cleaning: Regular services for shared spaces.
7. Repairs and replacements: unexpected fixes for common property components.
8. Reserve fund: Allocation for future capital expenses and major repairs.
Ultimately, these fees are a collective investment to ensure the smooth functioning, security, and value of the shared property. Specific coverage may vary, so owners should consult governing property documents for details.