The Property Academy Podcast More Costs for Apartment Owners? Understanding the New Body Corporate Rules ⎜ Ep. 1407
In this episode, we discuss the recently updated Unit Titles Act, and what these changes mean for apartment owners in New Zealand.
We start with a breakdown of the new laws that came into effect on 9th May 2023 and highlight the three main changes:
Giving apartment buyers more information about the building so they can make a more informed decision.
Forcing some body corporates to hire a professional body corporate manager.
Increased emphasis on long-term maintenance planning, including the requirement that some body corporates will now need to create a 30-year long-term maintenance plan.
Finally, we address the impact of these changes on body corporate fees and whether the increased disclosure and new rules could lead to higher costs for apartment owners.
Main topics discussed:
- Apartments
- New Body Corporate Rules
- Unit Titles Act Changes
- Role of Body Corporate Managers
- Long-term Maintenance Planning
- Potential Rise in Body Corporate Fees
We also mention our upcoming property investment bootcamp. This is in Christchurch on Saturday 29th July from 1 – 3pm. It's free to register. Click the link to book your free ticket.