What are Owners Corporation Fees? Paying Owners Corporation Fees is a fundamental part of living in a strata scheme. When sharing a building or common property with other owners, it is only fair that all contribute to the upkeep and running of the Owners Corporation.
So, what do the Owners Corporation Fees contribute to?Owners contribute a fee that pays for maintenance and repairs for the scheme. The contributions are worked out in proportion to the unit entitlements of each lot. The funds are divided into separate funds:
- Administration fund – for day-to-day expenses
- Capital works fund – for major works, maintenance or repairs
- major painting to common property;
- basement car park marking;
- repair concrete roadways and driveways;
- replacement motor to basement;
- replace stormwater pumps;
- recarpeting common areas;
- lift replacement;
- and more.