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Professional Property Solutions: Responsibly Managing Levies

When it comes to choosing the best property management solution, levies is an important subject to cover. Professional property solutions will ensure that your levies are managed responsibly.

What is a Levy?

A levy is a monthly instalment that must be paid in a timely fashion by sectional title owners. The Body Corporate is deemed responsible for this by the Sectional Titles Act of 1986. They must determine how to charge and use the administrative fund (made up of paid levies) to meet monthly expenses of the complex or estate.

Levy amounts paid by each tenant may vary depending on the participation quota which is gauged against how large the floor area is. Special levies are also in place to cover any unexpected costs that are not necessarily covered in the original and approved budget.

What does a Levy Cover?

The levy paid by each sectional title owner is meant to create the administrative fund which is used to do routine maintenance on the communal property shared by all tenants like staircases, passageways, elevators and pools.

Why The Responsible Management of Levies is Important

The responsible management of levies by the property management solution in place is crucial to the success of the estate. Tenants must be comfortable in their homes and the communal areas promised to them by living in a complex that is kept in a neat and working state. The levies are designed to cover these costs and when mismanaged, it is likely to become apparent relatively quickly.

If your estate’s levies have been mismanaged contact professional property solutions to ensure that your administrative fund is effective.

 

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