Body corporate fee rising
Question from Ali updated on 29th November 2013:
I have an investment unit in Auckland that I purchased about four years ago. During the first two years the body corporate fees were about $2,000 per annum. Then they increased to around $3,500 the next year and now they have increased to over $5,000. They have more than doubled in just three years. The body corporate is really strangling the return on this property. What should I do?
Our expert Ollie Mitch responded:
Body corporate fees are set by the body corporate budget which all owners vote on. If you are concerned with the budget you should talk to the owners’ committee chairman or even get yourself on the committee.Ollie Mitch is head of sales at Iconicity, leading apartment investment specialists and the largest private buyer and seller of apartments in Auckland City. Phone 09 300 5073, email email@example.com or visit www.iconicity.co.nz