Body Corporate Levies Don’t Need To Be A Source Of Stress!

Written by Zac Gleeson, Director

With or without a global pandemic, financial stress is a real concern for many Australians who don’t have a plan.

COVID-19 has made it a lot worse for certain people. Reasons for this increased financial stress include:

• Coronavirus supplement reducing
• Jobkeeper payments reducing
• Businesses closing and unemployment rising
• Mortgage freeze ending
• End of year expenses

Strata or Body Corporate levies contributed by Lot Owners towards building maintenance, insurance, management and many more expenses cannot be avoided, and can have serious ramifications towards the Owners if these levies are deferred.

Before merely pushing the problem into the future or down the line, review your current capital expenditure plan and assess your property’s current financial position to make sure you do not get surprised with a special levy or sudden drastic increase in body corporate levies. If your Body Corporate has decided to defer or reduce levies during COVID-19 this reduction has to be thoroughly considered when planning for future expenses. An experienced professional at GQS can assist with your Sinking Fund Forecast, Capital Works Plan or Maintenance Plan, to help avoid unexpected surprises, plan for future expenditure and reduce financial stress of all Lot Owner’s within a Strata Community.

Should you have any queries please do not hesitate to contact us on 1300 290 235.