Should committees be ensuring that their 10 year plans reflect the current surge in the price of building related materials and labour?
Given the recent spike in inflation (CPI) at a national level, combined with the immense surge in the price of building related materials and labour, should committees be ensuring that their 10 year plans reflect these increases?
How often should a committee focus on getting their 10 year maintenance plans revised?
Anyone who had a maintenance plan or sinking fund completed prior to covid should most definitely get this updated to reflect the current cost of completing maintenance.
The general consensus amongst government bodies and industry experts is every 3 -5 years. The reason being is that the cost of materials and processes can change quite drastically. We have had numerous instances where our painting contractor colleagues advise a quote done a year ago is now a few hundred thousand dollars more.
What we would also strongly emphasis and that we are in the middle of investigating (with an article hopefully to come out in coming weeks) is the significant impact Covid has had on construction and materials. Anyone who had a maintenance plan or sinking fund completed prior to covid should most definitely get this updated to reflect the current cost of completing maintenance. Whilst he effects of covid may not last for the next few years you must ensure that you have the right amount of money in your fund allocated for these expenses.
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Dakota has spent 6 years in the property & strata industry, including managing a portfolio of luxury properties on the Sunshine Coast for a number of years.
More recently he has travelled around Australia & New Zealand delivering compliance updates and training sessions to Strata Managers and Strata Owners alike.
Dakota has also assisted the national chapter of SCA to deliver training courses to new strata managers throughout Australia as well as the NZ chapter. Dakota operates as a business development manager in a national role with Solutions In Engineering – Your Strata Compliance Specialists.
Dakota is a regular contributor to Lookupstrata.
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