Maintenance Plan Budgets
Preparing and implementing a Maintenance Plan allows owners to predict and budget for future maintenance expenses for the property. It allows the Owners Corporation or individual property owners to ensure that they have enough money saved to cover the cost of major works when maintenance is required.
Preparing a Maintenance Plan is an art; there is a fine balance between ensuring that all future expenditure is covered, to avoid unexpected special levies, and excessive allowances that impose unnecessary costs on owners. budget✔als ensures that the owners’ funds are used in the most efficient manner, to keep levies as low as possible while ensuring the proper maintenance of the property.
We strive to achieve a balance and ensure that adequate funds are available to cover major expenses, while avoiding the unnecessary build-up of capital reserves that owners could put to better use.
The budget✔als difference
At budget✔als we continuously update our maintenance, repair and replacement rates using industry sources and privately sourced pricing data, to ensure we deliver the most accurate expense forecasts.
We maintain pricing data for all suburbs, towns, and regions. This allows us to provide forecasts based on maintenance prices in your local area. Our reports include suggestions to lengthen the life and/or reduce the maintenance costs of items, which save you money.
We have completed tens of thousands of Maintenance Plans, for all types of buildings. Our experience ranges from duplexes, units, apartments to the largest residential, commercial, and industrial schemes in Australia.
Our reports are compiled using our proprietary software that has been custom designed to calculate the most efficient possible use of your funds.
What is an owners corporations maintenance plan
Your building will need maintenance as it ages. Good maintenance helps retain the value of the building and makes the property more enjoyable to live in. Poor maintenance or neglect can lead to serious damage and safety hazards.
An owners corporation (formerly body corporate) maintenance plan must cover:
If an owners corporation has a maintenance plan then it must have a maintenance fund to cover the cost of works in the plan.
The owners corporation is required to report on implementation of its maintenance plan, if it has one, at each annual general meeting.
Types of maintenance plans
Maintenance of your owners corporation (formerly body corporate) common property includes:
Does my owners corporation need a maintenance plan?
Under the Owners Corporations Act 2006, your owners corporation must repair and maintain:
All owners corporations, committees and delegates must exercise due care and diligence in carrying out functions and powers, including maintenance and repairs.
Preparing for a maintenance plan
To prepare your owners corporation maintenance plan, you will need at least:
Creating a maintenance plan
To create an owners corporation maintenance plan:
Developing a maintenance cycle
Your owners corporation should develop a maintenance cycle that includes: