How Much are Body Corporate Fees?

Apartment Specialists Podcast No: 174

Summary:

Retaining an apartment building’s top condition includes paying charges for maintenance and upkeep. Owners pay for the maintenance and upkeep through their body corporate fees. What are body corporate fees and why do you need to know more about it before purchasing an apartment? Andrew answers these questions and explains the average body corporate fee you can expect in an Auckland apartment building. Watch this podcast for more details.

For additional information on Body Corporate and how to be an informed buyer, download our Buyers Guide.

How Much are Body Corporate Fees?

Body corporate fees are the costs each apartment owner pays to make sure the building and all it’s common areas like hallways and gardens are in tip top condition. These fees are compulsory.

Retaining an apartment building’s top condition includes paying charges for maintenance and upkeep. Owners pay for the maintenance and upkeep through their body corporate fees. What are body corporate fees and why do you need to know more about it before purchasing an apartment? Andrew answers these questions and explains the average body corporate fee you can expect in an Auckland apartment building. Watch this podcast for more details.

The cost of a body corporate fee varies depending not only the size of the apartment and if it has a car park or not. Also by what type of building it is, i.e. a high end building will have higher fees than say student apartments, which are much lower as they have much more apartments to share the cost.

Other considerations are things like swimming pools, if the apartment is in a building managed by a hotel or if the Body Corporate fee includes water etc. For the purpose of this exercise, I will give you an average; so you know what to expect when looking to purchase a standard Auckland apartment.

WHAT TO EXPECT: The average body corporate fee for an Auckland apartment.

A 50m2 One bedroom apartment Average body Corporate Fee $3,500 – $4,500 per year

A 65m2 Two Bedroom apartment $4000 to $5000 per year

Car park – add approximately $1000 per year

Depending on the size of the apartment the body corporate fees will vary. But this is the general ball park figures you can expect.

If you want to know more about Body Corporate fees, here are a couple of great posts I know will help you:

Body Corporate Fees – How Much Do They Go Up By Each Year?

Body Corporate Fees: Where Does Your Money Go?

When I Sell My Apartment Will I Get the Body Corporate Fee Back

If you have any questions, flick me an email at andrew@apartmentspecialists.co.nz or call +6421 424 892 and I’ll be happy to help you with your queries.

TRANSCRIPTION:

Good day, my name is Andrew Murray from the Apartment Specialists, talking about body corporate fees. And I often get people coming to me when they first start purchasing an apartment or looking to purchase. The often ask me: “How much should I be allowing or expecting for these things called body corporate fees?

What I’m going to do today is talk about what is the average you can expect. Obviously, it differs from building to building. For example, a high end building is going to have a higher body corporate fee than say a student accommodation because in student accommodation. You’ve got small apartments and you’ve got a lot more apartments to recover the costs. But basically, as you all know, a body corporate fee is something you have to pay if you buy an apartment and own an apartment, and it’s compulsory.

You can’t get out of it, so when looking at averages, if you look at say your Northern Road apartment, let’s say a 50 square metre one-bedroom apartment without a car park. You’re looking at around $3,500 to about $4,500 per year. That is often paid in installments throughout the year, depending on the building you’re in. Now if you’re looking at a two bedroom – if we just say on average, so let’s say 65 square metre to a bedroom, which is an okay size.

You’re looking at about $4,000-$5,000 per year, not including a car park. Now, if your apartment’s got a car park, allow around about $1,000 extra on the body corporate levy, and that’s what you’re dealing with. Now these things can change, so I suppose it’s hard to give an average. Not all the apartments will fit in this band and when they will change are when the body corporate includes water.

For example, if it’s in a hotel because obviously you will have the contract with the hotel. Basically, the hotel will  be keeping the building to a higher standard than normal. All these kind of things. But generally speaking, as an apartment gets larger, the body corporate fee increases, and if an apartment gets smaller, the body corporate fee decreases.

Apartment Specialists Podcast No: 174

Summary:

Retaining an apartment building’s top condition includes paying charges for maintenance and upkeep. Owners pay for the maintenance and upkeep through their body corporate fees. What is a body corporate fee and why do you need to know more about it before purchasing an apartment? Andrew answers these questions and explains the average body corporate fee you can expect in an Auckland apartment building. Watch this podcast for more details.

How Much is a Body Corporate Fee?

Body corporate fees are the costs each apartment owner pays to make sure the building and all it’s common areas like hallways and gardens are in tip top condition. These fees are compulsory.

Retaining an apartment building’s top condition includes paying charges for maintenance and upkeep. Owners pay for the maintenance and upkeep through their body corporate fees. What is a body corporate fee and why do you need to know more about it before purchasing an apartment? Andrew answers these questions and explains the average body corporate fee you can expect in an Auckland apartment building. Watch this podcast for more details.

The cost of a body corporate fee varies depending not only the size of the apartment and if it has a car park or not. Also by what type of building it is, i.e. a high end building will have higher fees than say student apartments, which are much lower as they have much more apartments to share the cost.

Other considerations are things like swimming pools, if the apartment is in a building managed by a hotel or if the Body Corporate fee includes water etc. For the purpose of this exercise, I will give you an average; so you know what to expect when looking to purchase a standard Auckland apartment.

WHAT TO EXPECT: The average body corporate fee for an Auckland apartment.

A 50m2 One bedroom apartment Average body Corporate Fee $3,500 – $4,500 per year

A 65m2 Two Bedroom apartment $4000 to $5000 per year

Car park – add approximately $1000 per year

Depending on the size of the apartment the body corporate fees will vary. But this is the general ball park figures you can expect.

If you have any questions, flick me an email at andrew@apartmentspecialists.co.nz or call +6421 424 892 and I’ll be happy to help you with your queries.

TRANSCRIPTION:

Good day, my name is Andrew Murray from the Apartment Specialists, talking about body corporate fees. And I often get people coming to me when they first start purchasing an apartment or looking to purchase. The often ask me: “How much should I be allowing or expecting for these things called body corporate fees?

What I’m going to do today is talk about what is the average you can expect. Obviously, it differs from building to building. For example, a high end building is going to have a higher body corporate fee than say a student accommodation because in student accommodation. You’ve got small apartments and you’ve got a lot more apartments to recover the costs. But basically, as you all know, a body corporate fee is something you have to pay if you buy an apartment and own an apartment, and it’s compulsory.

You can’t get out of it, so when looking at averages, if you look at say your Northern Road apartment, let’s say a 50 square metre one-bedroom apartment without a car park. You’re looking at around $3,500 to about $4,500 per year. That is often paid in installments throughout the year, depending on the building you’re in. Now if you’re looking at a two bedroom – if we just say on average, so let’s say 65 square metre to a bedroom, which is an okay size.

You’re looking at about $4,000-$5,000 per year, not including a car park. Now, if your apartment’s got a car park, allow around about $1,000 extra on the body corporate levy, and that’s what you’re dealing with. Now these things can change, so I suppose it’s hard to give an average. Not all the apartments will fit in this band and when they will change are when the body corporate includes water.

For example, if it’s in a hotel because obviously you will have the contract with the hotel. Basically, the hotel will  be keeping the building to a higher standard than normal. All these kind of things. But generally speaking, as an apartment gets larger, the body corporate fee increases, and if an apartment gets smaller, the body corporate fee decreases.

Anyway, I hope that helps with the average body corporate fee for an apartment.

If you have any questions, flick me an email at andrew@apartmentspecialists.co.nz or call +6421 424 892 and I’ll be happy to help you with your queries.

Cheers!

Anyway, I hope that helps with the average body corporate fee for an apartment.

If you have any questions, flick me an email at andrew@apartmentspecialists.co.nz or call +6421 424 892 and I’ll be happy to help you with your queries.

Cheers!

P.S. If you want to know more about Body Corporate fees, here are a couple of great posts I know will help you:

Body Corporate Fees – How Much Do They Go Up By Each Year?

Body Corporate Fees: Where Does Your Money Go?

When I Sell My Apartment Will I Get the Body Corporate Fee Back

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