- Establish a reserve fund for future costs including maintenance.
- Prepare a written maintenance, repair and replacement plan for capital items over the next ten years.
- Prepare a report on the current condition or state of repair for those items and and the times when those items will need to be maintained, repaired to replaced.
- Estimate the maintenance, repair and replacement costs over the next ten years.
- Determine the annual contribution to the reserve fund [(estimated cost minus past contribution) divided by estimated life].
Along with buying any property comes the responsibility to maintain such property to protect and sustain your investment. The maintenance of sectional title schemes requires careful planning to ensure sufficient funds to undertake these costly maintenance projects. This typically needs to happen every 7-10 years. With careful and ongoing maintenance that time frame can be extended and the overall costs contained.
Trustees are responsible for setting up a maintenance plan that cover the common property for which the body corporate is responsible.
HomeSpec provides a basic and affordable professional estimate of the maintenance costs that complies with Sectional Title legislation. Our report includes a life-cycle cost analysis, a 10-year forecast of maintenance, repair and replacement costs as well as a corresponding reserve fund forecast and contribution schedule. This service is based on a light inspection of the common property.