One of the benefits of living in an Owners Corporation is the fact that everyone contributes their fair share to the future upkeep of the property.
This is done through a regular drip of savings.
And some of those major items can be very expensive indeed. They can run into tens of thousands of dollars and even hundreds of thousands of dollars.
Maintenance and repair items that would be covered by these funds can include:
Ideally, Maintenance Fund accounts ought to have enough money put away to pay for these expensive items without the need to raise a special levy or take out a loan.
It’s all about spreading the load – and that takes some planning.
Planning begins with a Maintenance Fund forecast which identifies these big-ticket items, and:
In Victoria, the Owners Corporation is required to inspect common property every year and review the maintenance plan and present it at the AGM for approval.
At its annual general meeting, an Owners Corporation must report on the:
That’s why Owners Corporation Committees prefer to invest in a qualified Quantity Surveyor like Star BMS to prepare 15 year Maintenance Fund forecasts to give committees the broadest possible overview of future expenses.
Our experts not only have the experience to identify and accurately calculate the costs of the future common expenses but also provide a program that details when these works ought to be scheduled what works are required in which sequence so that later works do not damage earlier repairs.
Star Building Management Services (Star BMS) is a facilities management company established in 1992 to meet the growing need for quality asset management in the Owners Corporation sector.
For more than two decades, Star BMS has earned a reputation for providing superior service to our clients.
Our services include: