The introduction of the [FURL=https://obangroup.com.au/]10 year maintenance plans[/FURL] as a compulsory requirement for designated property companies has helped maintain properties by reserving funds for future replacement or maintenance of the property. The 10 years maintenance plan helps property owners to tackle unforeseen maintenance expenses that are large to avoid raising special levies in the future to handle the problems. The maintenance plan makes it a lot easier to project possible expenditure and have the funds required handy to quickly tackle whatever current maintenance problems. The plan encompasses almost everything homeowners or strata companies might fix in the future. More Insights:
• Creating a 10 years maintenance plan is now mandatory for Strata companies and most property owners
• The 10 years maintenance plan will be a manual to guide the reservation of funds to tackle non-recurrent expenditures
• Notably, the 10-year plan can be completed by anyone, but it is recommended to be prepared by a specialist or qualified builder
• After every five years, the 10 years maintenance plan should be revised and extended to make preparations for the next 10 years
• After drafting, the first 10 Year Maintenance Plan must be submitted for vetting before it can be approved
What to Expect
Buying a property comes with the responsibility and cost of maintaining the property.
In the past, a lot of property owners were able to easily trim the cost of maintenance for their properties, however, in recent times a lot of schemes have failed because the homeowners did not provide adequate funding for the maintenance of their buildings. Simply put, they didn’t prepare for the future. No matter what direction you try to observe it from, you can never tell what problems the future holds.
Notably, a lot has changed so far with the introduction of the 10 years maintenance plan with rules written out that guide maintenance, repairs, and replacement for properties.
The 10 years maintenance plan contains:
Major components of the property that might require replacement within 10 years
The items that fall under this category are integral components of the normal running of the property. Some of these components include roofing, wiring, plumbing, electrical and lighting systems, security systems, heating and cooling systems, lifts, etc.
The current condition of the major components
The 10 years maintenance plan also includes the present state of these major components of the property and describes in detail the level of the state of repair. This helps in protecting the durability range so each of these capital items
The life expectancy & estimated time for replacement, maintenance, or repairs
This entails a rough estimate of the life expectancy of the components and how long it might take before performing repairs, maintenance, or changing the component as a whole.
Projected costs for maintenance, repairs, and replacement
The 10 years maintenance plan also contains a breakdown of the cost of maintaining, repairing or changing components of the buildings.