What does my body corporate levy pay for?

General information from Lawmateanz

In New Zealand, if you own a unit title property, such as an apartment or townhouse, you're a member of the body corporate and must pay levies under the Unit Titles Act 2010.

Levies cover shared costs, such as insurance of the building, maintenance of common areas, management fees and contributions to a long-term maintenance fund. Larger bodies corporate must have a long-term maintenance plan.

Levies are set at the body corporate's general meeting, usually based on each unit's ownership or utility interest.

If you're buying, ask for the pre-contract disclosure statement, which shows current levies and any planned major repairs. Tenancy Services and building.govt.nz have guidance on unit titles.

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