Owners Corporation Rates - Exorbitant?

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  isthisreally_me on 08/07/2015 - 20:58

  Well if they have the costs itemized then there is really nothing you can do other than pay. Have you gone to any of the bodycorp meetings, because all the costs each year would have been brought up and approved by the owners during these meetings you know. You could sell up and move too.

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  orourke on 08/07/2015 - 20:59

  That's pretty normal pricing 900-1300 per quarter is common around my area of Sydney.

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    hashtagbargain on 08/07/2015 - 21:26

    wow that insane additional costs.

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  RandomNinja on 08/07/2015 - 21:34

  +1

  The budget items seem to overlap a bit. For example, what is the difference between Care taking and Maintenance? What is the difference between Essential Maintenance and Maintenance?

  Also need to consider sinking fund needs as well, if your complex isn't on track with their 10yr plan that could be a cause for the jump in maintenance. My strata jumped over 50% in a few years cos we had to get back on track with the 10yr plan.

  • 

    dasher86 on 09/07/2015 - 08:57

    essential maintenance are ongoing maintenance cost.

    Other maintenance are one offs - i'm planning to ask them to break it down further.

    care taking is cleaning of common areas (which is poorly done) and taking out the bins. Essentially the guy gets paid $250 a month,$91 to take out two skip bins weekly $135 for cleaning of common property.

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  neil on 08/07/2015 - 22:44

  apartment building with 8 apartments

  That's the issue. Not many apartments to spread the costs.

  Seems reasonable as long as the money is actually going towards those things. My OC under a former management company was padding out the bills for contractors they got in to do work and not providing us receipts (among other dodgy things). Best to go to a meeting or talk to someone on your committee to make sure everything is good.

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    dasher86 on 09/07/2015 - 07:09

    Thanks, planning to go to the AGM later this month.

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  spal on 09/07/2015 - 07:04

  I have a friend living in a four unit property; of which other three are owned by the developer. His share of just the fire protection maintenance was $3500. This was done by a company owned by the developer's son. These guys set up meetings during work hours so that my friend could not attend.

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    dasher86 on 09/07/2015 - 08:58

    that's insane. i thought my share was huge.

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    Davros on 10/07/2015 - 16:30

    How dare they set up meetings during business hours

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  [Deactivated] on 10/07/2015 - 16:25

  +1

  Make sure you get all receipts and tax invoices. If you pay for a written report from a surveyor, make sure you get a written report from a surveyor. I had an agent once who was milking us at every opportnuity. I ended up encouraging all the other owners to remove him at the AGM and we found another agent. Do your own research, ring up and find how much insurance in your area actually costs. Ask to see the invoices from the insurer, not the insurance agent ! You can set up meetings with the other owners any time you like ! Think there is a common theme - dodgy managing agents. It is easy money for them if you let them legally steal it.

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    dasher86 on 10/07/2015 - 16:28

    thanks we actually have pretty good neighbours with 4 of us owners living in the properties giving us pretty much majority.
    I'm planning to request all financial information at the AGM with justification and copies etc.

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      [Deactivated] on 10/07/2015 - 16:34

      Do it before the AGM - email the agent and cc your neighbours, so that they know it's coming and so the Agent can't pretend he/she wasn't asked for the info. After all, it is an AGM and if you have any questions about the accounts, that would be a good time to raise them. If you have invoices for xyz plumbing company, make sure they are a plumbing comapny, and not a 'referral' company that dishes out work to real plumbers.

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  dasher86 on 29/07/2015 - 12:45

  Hi All,

  Firstly thank you for all the replies.

  The AGM was today and with the help of 3 other owner occupiers we were able to get the Owners Corps fees cut in half.
  It seems that no one attending the last AGM and they set a really high budget and we have a huge surplus of funds.
  This years budget was originally set on that however we have made amendments.

  Cheers

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  Euphemistic on 30/07/2015 - 09:09

  Common electricity sounds high. I've been running a 4bed house with a family of five for around $350 a quarter with ducted AC (not often used) and electric hot water and cooking.

  What are they powering to get that much? Sounds like if it's only a carport and small common area it's only lighting. Maybe time to sink some of that electricity money into energy efficient globes.

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    dasher86 on 30/07/2015 - 09:18

    hi,
    That was also discussed on the agenda.
    A lot of the power currently goes into Essential Services Fire.