Melbourne City Apartment - Need Help :)

[Clem]

Do you hold CBD property without a car park?

No, the better half said that we had to get one. However, I still doubt that a car park in the inner city adds as much value as a car park in a location where public transport is less developed.

Because we literally never use our car (apart from running it monthly to ensure that the battery doesn't die), it is currently a waste.

 

[boomtown]

i assumed the average is usually 1-2k a year

Your assumptions are wrong. I have seen body corporates as high as 8k a year.

 

[boomtown]

Sorry mate I edited my post because I asked the wrong question. I didnt get the edit in before you replied.

 

[Clem]

I'm in a huge building. About 400 apartments. I think that it is lifts that really increase the BC charges.

 

[Clem]

Sorry mate I edited my post because I asked the wrong question. I didnt get the edit in before you replied.

No worries - I was wondering where your comment went. But, I am guessing.

 

[The Y-man]

Clem ur body corporate fees is like 5k a year based on what you have said...thats crazy, what kind of apartment do you live in, it must be a huge building, i assumed the average is usually 1-2k a year

1-2k would be standard BC for a block of up to 20 apartments, with NO lifts, NO swimming pool, NO pretty foyer, NO major security system (electric gates, video intercom, remote garage doors), NO gym... it would basically cover building insurance, maintenance (cleaning, reapirs), utility costs (electricity to common areas) and management fees.

Once you put a lift in, it will instantly go up about $1k (depending on number of lifts, floors and number of units)

Cheers,

The Y-man

 

[boomtown]

1-2k would be standard BC for a block of up to 20 apartments, with NO lifts, NO swimming pool, NO pretty foyer, NO major security system (electric gates, video intercom, remote garage doors), NO gym... it would basically cover building insurance, maintenance (cleaning, reapirs), utility costs (electricity to common areas) and management fees.

Once you put a lift in, it will instantly go up about $1k (depending on number of lifts, floors and number of units)

Cheers,

The Y-man

And I would be worried about whether there was enough money in the sinking fund with such a small body corporate fee.