Owner corporate fees too high and we are paying other fees for the investment. Can we increase the rent to $900/month in order to cover all fees?- Russell, VIC
Q: Owner corporate fees too high and we are paying other fees for the investment. Paying other fees such as SE water, STA and council rate. No worth investing and unable to sell the unit. But, STRATA and STA are doing well on our investments. The owner of other units may have the same problems. My question in order to cover all fees: Can we increase the rent to $900/month?
A: Rent is decided by the property owner. If you are able to find tenants, or if your existing tenants are agreeable with the rent price then you will be able to increase the price.
To help you understand what your owners corporation fees are paying, check our article: https://picagroup.com.au/owners-corporation-fees-explained/
If you’d like to book a free owners corporation assessment to see if you can reduce some costs for your owners corporation property, visit https://picagroup.com.au/your-free-assessment-vic/