Contact Us

Phone
1300 148 150

Email
reports@budgetvals.com.au

Address
Australia House, 1 Floor, 148-150 Sydney Road, Coburg VIC 3058

Online Enquiry

* Required fields

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.

 

Why budget✔als is the largest supplier of 10 Year Maintenance Plans in the country
  • 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 cities, towns, and regions. This allows us to provide forecasts based on maintenance prices in your local region.
  • Our reports include suggestions to lengthen the life and/or reduce the maintenance costs of items, which save you money.
  • We ensure that our reports don’t include small value that should not be included and can be allowed for in a contingency allowance, which we tailor based on the age, condition, and features of the property.
  • We employ qualified in-house building inspectors who produce our reports, as well as technical research staff to ensure a consistent, high-quality service.
  • We have served the Owners Corporation industry and individual property owners since 1987. We have the experience and will be around to support our report in years to come.

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.

 

For our clients, we ensure that:
  • Our reports are simple to understand, and easy to apply.
  • We list the square and or lineal meter rate along with unit price per item for all assets within the development.
  • We provide you with a condition report on each asset within the development.
  • We take the time to develop a complete understanding of your property up-front, to avoid pitfalls down the track.
  • The Owners will also receive property photos.
  • Our technical team and inspectors are available to discuss any questions you may have, and to provide advice at any time.

Our reports are compiled using our proprietary software that has been custom designed to calculate the most efficient possible use of your funds.

Maintenance Plan Owners Corporations Obligations

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:

  • major capital items for repair and replacement over the next 10 years
  • the present condition of those items
  • when the items or components will need to be repaired or replaced
  • the estimated cost of the repair and replacement of those items or components
  • the expected life of those items or components once repaired or replaced.

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:

  • corrective maintenance – to keep your building at an acceptable standard. This includes cleaning gutters and changing light bulbs. It should be covered in the annual fees
  • predictable maintenance of major capital items – to prevent the predictable failure of building infrastructure or major capital items; for example, replacing lifts due to wear and tear. These costs should be covered in the annual fees under the maintenance plan
  • emergency corrective maintenance – must happen immediately for health, safety, security reasons. It includes repairs to avoid rapid deterioration of the structure or fabric; for example, roof repairs after storm damage, or repairing broken glass. The costs should be covered by replacement and reinstatement insurance.
Does my owners corporation need a maintenance plan?

Under the Owners Corporations Act 2006, your owners corporation must repair and maintain:

  • the common property, for example a garden or nature strip
  • chattels, fixtures, fittings, and services related to the common property
  • equipment and services that benefit some or all of the lots and common property
  • property that is its responsibility.

All owners corporations, committees and delegates must exercise due care and diligence in carrying out functions and powers, including maintenance and repairs.
We recommend that all owners corporations have a maintenance plan, but only some owners corporations are required to have one by law:

  • Prescribed owners corporations must have a maintenance plan and a maintenance fund.
  • Non-prescribed owners corporations are not required to have a maintenance plan, but may choose to do so.
  • Properties with multiple owners corporations usually have a professional owners corporation manager, who will be able to advise about maintenance responsibilities.

 

 
Preparing for a maintenance plan

To prepare your owners corporation maintenance plan, you will need at least:

  • the plan of subdivision showing dimension and location of easements
  • building plans showing specifications and construction details
  • details of equipment and services
  • the age and condition of the building and equipment such as the lift and air conditioning plant
  • planning, heritage and building permit requirements
  • previous reports on the building
  • details of previous maintenance works.

 

Creating a maintenance plan

To create an owners corporation maintenance plan:

  • create maintenance and contractor records
  • carry out a maintenance survey
  • review maintenance survey results
  • organise maintenance inspection for options and costings
  • prepare a maintenance report
  • prepare maintenance budget
  • approve and implement maintenance plan and budget.
Developing a maintenance cycle

Your owners corporation should develop a maintenance cycle that includes:

  • identifying the common property, chattels, fixtures, fittings and services
  • assessing the condition of the common property, chattels, fixtures and fittings, and recommending maintenance
  • planning maintenance, setting a budget and allocating funds
  • implementing planned works
  • a regular survey of the residents about maintenance issues and inspection of the common property
  • maintenance as an agenda item at every annual general meeting.
 

 

Sample Report - Maintenance Plan

Get in touch today

If you have any questions or enquiries, please feel free to contact us and we will get back to you as soon as possible.

National Phone
1300 148 150

Email
reports@budgetvals.com.au

Head Office
Australia House, 1 Floor, 148-150 Sydney Road, Coburg VIC 3058

Online Enquiry
Name *
Phone *
Email *
Enquiry
* Required fields