This calculator estimates your share of earthquake strengthening costs for an apartment or unit-title building in New Zealand, a charge that can run to tens of thousands of dollars per unit and is one of the biggest hidden risks of apartment ownership. Many older buildings have been assessed as earthquake-prone, meaning they fall below the new building standard and must be strengthened within a set timeframe. The cost of strengthening the shared structure is met by all the owners together, normally in proportion to their ownership or utility interest, and collected by the body corporate through a special levy. Because the total figure for a whole building is large, your individual slice depends heavily on your ownership share, and the body corporate may either bill it as a lump sum or spread it over several years. You enter the total strengthening cost for the building, your ownership share as a percentage, and the number of years any special levy is spread over, and the calculator shows your total contribution and the annual amount if it is spread. If you are buying into an older building, treat this as essential due diligence: ask for the seismic rating, any engineering report, and the body corporate's strengthening plan and reserves before you commit.
Your share usually follows your ownership or utility interest. Confirm the basis and any reserves with the body corporate. Estimate only.
The calculator multiplies the total building strengthening cost by your ownership share to find your contribution, then divides by the number of years to show the annual amount if the special levy is spread over time rather than charged all at once.
A 2 million dollar strengthening project with a 4 percent ownership share means a contribution of 80,000 dollars. Spread over 3 years, that is about 26,667 dollars a year through the body corporate special levy.
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