There are times a Body Corporate or Owners Corporation needs extra funds for emergency repairs or some unexpected major remedial works. Ideally there will be enough money in the Sinking Fund (also known as a Capital Expenditure or Maintenance Fund) to cover the work, butRead more
One of the great things about living in a well-managed strata community is knowing your regular levies (called fees in Victoria) help future-proof your investment. In addition to the Administration Fund, which takes care of the regular expenditure items (such as gardening and cleaning of commonRead more
What is a sinking fund? A body corporate’s sinking fund is effectively a deposit which exists to allow a body corporate to pay for repairs and maintenance of a building. The money in a sinking fund can be spent on several different things. Firstly, itRead more
What is a sinking fund? An owners corporation’s sinking fund is effectively a deposit which exists to allow an OC to pay for repairs and maintenance of a building. The money in a sinking fund can be spent on several different things. Firstly, it canRead more
In 2015 SSKB surveyed Resident Unit Manages to ask them what their top five challenges were. The answer came back – working with body corporate/owners corporation committees to approve budgets for building improvements. We asked Chris Nezmah, general manager of Star BMS for practical tipsRead more
Maintenance funds, or sinking funds as they’re known in Queensland, are a form of insurance. It means a strata community has enough money in the bank to pay for future repairs, maintenance and improvements to your most important asset – your home! These funds are aRead more
Confusion has been the longstanding norm when it comes to levies for lot owners. A study conducted by the University of NSW identified that a large proportion of NSW strata owners “did not consider their levies to be appropriate” and that there is a largeRead more
While not a requirement in all owners corporations, maintenance plans play an important part in the scheduling and budgeting for the upkeep of the building and common property. If you own a lot in a property that is a ‘prescribed’ owners corporation (ie over 100Read more
I recently heard two troubling stories. Let me share them with you. In one story, an inexperienced building manager was struggling with the issue of insufficient storage space. Having nowhere else to put them, he placed rubbish bins and various other items in front ofRead more
It’s that time of year again – Bendigo Bank (Bundall) and SSKB are very pleased to announce that the semi-annual Community Dividend for the period Jan 1 to June 30 2013, has now been paid to 352 body corporate associations, totaling a massive $$49,889.76 Since the commencement ofRead more
At SSKB, our Community Managers are commonly asked the question ‘Where does the money go?’ In reference to levies, many lot owners query whether their costs are too high in comparison to other buildings, and more importantly- can their levies be reduced? SSKB Director, PaulRead more
It’s that time of year again – Bendigo Bank (Bundall) and SSKB are very pleased to announce that the semi-annual Community Dividend for the period 1st July 2012 to 31st December 2012 has now been paid to 367 body corporate associations totaling a massive $52, 113!Read more
How healthy is your strata community?
Just like having a healthy diet and exercise in your personal life is important, maintaining a healthy strata community is essential for the continued well being of your investment.
How well is your community managing ……….