I'm one owner of a 2 lot Strata that have just started self managing our scheme. We are looking at carrying out our own 10 year maintenance plan. Should we be doing this ourselves or should we talk to a professional? What are the benefits of getting a professional to assist?
If we decide to carry out the plan ourselves, is there a sample or template Ten Year Capital Works Fund Plan that gives us an idea of how to do proceed?
Section 80 of the NSW legislation requires the preparation of a plan of anticipated major expenditure to be met from the capital works fund so why do plans always include maintenance costs which are not major and historically are to be charged to the Administration Fund?
At our AGM, the 10 year maintenance plan, along with the details of how it will be implemented and the annual projects listed in chronological sequence over the 10 years was approved by the Lot Owners. Three months later, two new members on the Strata Committee are looking to change the chronological listing of the projects and the proposed project items that had been budgeted for. Can the Strata Committee make alterations to the agreed 10 Year Capital Works Plan?
Many buildings are simply doing a tick and flick action of obtaining a sinking fund report. What is your recommendation or the industries approach in terms of having a building physically assessed to identify the assets, their condition and the real costs that should be applied to the sinking fund. How do we ensure these inexpensive desktop approaches are a thing of the past?
Our building does not have a clear long-term maintenance schedule or preventative plan. We always wait for things to break before we fix them. As a smaller strata scheme, what is a simple, scalable way for us to introduce basic preventive maintenance and future-proofing practices without creating an overly complex system or adding excessive administration?
Our Capital Works Fund Plan (CWFP) has been updated by consultants. A few committee members disagree with some of the line items and the impact these have on the strata levies.
Does the committee have to accept the CWFP, or can we recommend changes when or before we present it at the AGM?
My take-out is that any alteration to any existing resident unit manager’s contract requires negotiated consent from both sides, regardless of the merits of the proposed alterations. In this previous question, the ‘suitably qualified professional’ was engaged – and presumably sourced – by the body corporate to do the review.