When buying an apartment it is vital that you understand the Body Corporate. In term of some key things which can be revealed in the Pre Contract Disclosure Statement.
- Annual Fee
- What is saved in the long term maintenance fund
- What is the maintenance planned for next year
- Is there issues with leaks
The long term maintenance fund is important for funding things such as repairs and painting. A low amount saved in this fund could mean that there could spikes in future annual fee(large one off fees).
