JimmyT said:
I work on a very rough rule of thumb of annual levies being 1% of the value of the unit plus or minus, say, 0.3%, based the number of facilities the OC has to maintain divided by the number of units. For instance, hotel conversions often have lots of lifts and fewer units, compared to, say, purpose-built apartments, meaning the cost of maintenance per owner (or unit entitlement, if you want to get technical) will be higher. Buildings with no lifts or swimming pools, building managers or secure parking will be cheaper to run. But then they won’t have a swimming pool, building manager or secure garages. Just remember that any new building that offers “resort” facilities with all the bells and whistles as well as low levies is probably a con.
I am looking to purchase a unit for $745,000. It is still under construction, due for completion early December. The strata fees are going to be $1300 per quarter and council, water, land taxes combined are $2000 per annum. Total of $7,200 which seems to fit with your 'rough rule of thumb' calculation. Have I understood you correctly?
The complex consists of two 3 bedroom and five 2 bedroom units. The 3 bedroom units will be levied at $1500 per quarter.
Aside from this obvious difference, are strata levies generally calculated on square meterage to allow for differences between unit size? I ask this because there are some differences in measurements between the 2 bedroom units but the strata fees are the same regardless.