Connect with us

Sectional title properties series (Part 6) – The 10 Year Maintenance Plan

My Home

Sectional title properties series (Part 6) – The 10 Year Maintenance Plan

Reading Time: < 1 minute

Previous: Sectional title properties series (Part 5) – The Reserve Fund Requirement

Since 2016, all body corporates are now required to have a fixed 10 year maintenance plan in place. The main reason for the plan was to get body corporates to plan better for big maintenance items as this was often something that was neglected in body corporates’ budgets and finances. This helps to create a better framework for big maintenance projects that would often cost a lot of money from the reserve fund without introducing any special levies.

Big maintenance projects includes –

  • Waterproofing of all units
  • Painting of all units
  • Security upgrades
  • Carport upgrades
  • Heating and cooling systems

Having a long term maintenance plan makes it easier for body corporates to plan financially for specific matters. This in turn prevents any special levies having to be introduced which could often impact on an owners monthly finances and budget. The plan also allows owners to get a long term view of all the planned work to be done within the body corporate leading to more transparency from the trustees.

A maintenance plan must be kept up to date and reviewed regularly to ensure it remains appropriate.

I hope you have enjoyed this series!

Please feel free to get in touch with me via Zonotho Financial Coaching for more informaton.

PLUS, we'll send you our Zonotho Personal Finance Starter pack to help you take your financial prowess to the next level!



Shameer Chothia is currently an Employee Benefits Consultant at Momentum Consultant and Actuaries. He is the chairman of the Rhine Stone Body Corporate and the Founder and Head Financial Coach at LMS Financial Coaching. Shameer is deeply passionate about financial literacy and education. He truly believes that there is duty to empower people with education, which makes a difference in their everyday lives. To achieve this, he founded LMS, actively changing lives by empowering people with financial knowledge

More in My Home





Top contributors

To Top