Keeping Costs in Check: Top 5 Strategies to Reduce Your Body Corporate Fees

As a member of a Body Corporate or strata community, you might be aware of the financial responsibilities that come with shared property ownership. From maintaining common areas to managing insurance premiums, every decision can impact your budget. Let’s dive into these cost-saving strategies that can empower your Body Corporate to make wise financial choices while ensuring a well-maintained and harmonious living environment for all residents.

1. The Committee be as involved as possible — whilst your manager is here to assist and guide the Committee in any way possible, the Committee (and Owners) can liaise with other Committee Members and seek contractors to provide quotes and complete minor works within the Committee spend limit, this will reduce the costs associated with the administrative services of the Body Corporate Manager.
2. Completing items that have been raised in a safety report — this will keep the insurance premium costs as low as possible as the risk for the Body Corporate is reduced by minimising any risks that can be managed. Common items raised in reports are biennial common area switchboard inspection, which is required every 2 years as per Australian Standard, ensuring any potential trip hazards like uneven concrete or stairs are highlighted and vegetation is trimmed back and ensuring there are no items kept on common property like hoses.
3. Complete all maintenance in a timely manner where possible — It’s always beneficial to treat the molehill before it turns into a mountain. Completing all maintenance before it turns into a big and expensive issue. For example, completing gutter cleaning annually can reduce the amount of claims against Body Corporate insurance which will assist in keeping premium costs to a minimum, and it can also bring any minor roofing issues to the Committees attention and be resolved with minimal costs associated.
4. Installation of Solar — A Body Corporate can resolve to install solar panels for the benefit of the Body Corporate to assist in reducing costs associated with common property electricity costs.
5. Become energy efficient — a Body Corporate may wish to upgrade the common area lighting to LED or a more efficient product. Also, the installation of timers or sensor lights may reduce the costs of common area electricity.

By implementing these, your Body Corporate can pave the way towards a more cost-effective and financially sustainable future. Embracing energy efficiency, solar power, proactive maintenance, safety measures, and active Committee involvement will not only benefit your finances but also enhance the overall living experience within your community. Let’s start saving!