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10 year Maintenance plan

Discussion in 'Real Estate' started by magfowl, 19th Oct, 2009.

  1. magfowl

    magfowl New Member

    Joined:
    16th Oct, 2009
    Posts:
    1
    Location:
    Sydney
    We own a villa house in a row of six with Strata Title. Each house is joined to one other by a garage. All the owners have covered their own maintenance since the houses were new. We have recently registered a by-law which formalises this arrangement. Our Strata Management body have informed us that we need a 10 year maintenance plan. We have minimal sinking fund. Is the maintenance plan necessary? If so how would we go about it? Your advice would be appreciated.
     
  2. Jacque

    Jacque Team InvestEd

    Joined:
    16th Jun, 2005
    Posts:
    1,885
    Location:
    Sydney
    See this link from DFT NSW for further clarification. However this line is worthwhile ingesting:

    “Owners’ corporations can prepare the plan themselves or can have it prepared by independent experts.

    Obviously this could make a huge difference dollar-wise so talk to your BC and see if they can come up with a "reasonably priced" plan if you want to avoid spending large funds on an independent party.