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!
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