Every property requires good maintenance to be able to keep its value and the safety of the people living in it. Property maintenance is costly and requires good capital to be maintained; therefore, the strata maintenance plan is not just necessary but becomes a legal requirement for any property owner. Most states and territories have different legal policies, but the purpose is similar. It is referred to as a maintenance or capital gain fund. These funds play a significant role in distributing the maintenance capital among the beneficiaries of property holders and residents.
Many factors determine the allocation of the funds in the strata maintenance plan, first, the building type and age, second by an owner’s corporation, and last by state/region-defined regulations. This provides a secure way of maintaining the expenses, and the incurred cost is also divided, which benefits the value of the building area and increases the good outlook of the community.
What is the area that the maintenance plan covered?
Now the next step is to determine which part of the property is come under the strata plan. It usually covers the area of common property; these areas include where the land and the building area are not included in a private lot. It mostly covers areas such as:
- Gardens and BBQ places
- Lifts and ramps
- Parking area
- Roofs and joint walls
- Water and sewerage lines
- Security arrangements
- Balconies and Protection fences
- Fitness center and other amenities
They can be changed at different places according to state policies. Every strata plan is distinctive; discuss the actual plan with your owner’s corporation to identify those areas.
Key Points for a Good Maintenance Plan:
Whenever signing the contract of a strata scheme with any organization, always keep a check on all of these points to ensure a better deal from both parties.
- Common property areas should be covered
- Capital funds are allocated for major expenses
- Timely maintenance of property must be defined
- Emergency funds should be allocated in case of any mishap.
Legislations for the maintenance plan of every state are defined. Victoria has recently updated their rules from 1st December 2021. Queensland, NSW, ACT, and WA have also proposed that a 10-year complete maintenance plan must be in place.
How can we check our maintenance plan?
Every owner doesn’t need to be deeply involved in the maintenance; there is a corporation that is specifically built for this purpose to manage the strata management for communities rightly. However, a little knowledge of maintenance plans is beneficial to the property owners.
- Always ask for a copy of the strata maintenance plan from your corporation.
- Review the copy and be informed about all the changes.
- Keep an eye on all your property issues and address them immediately.
- Always take part in Annual General Meetings so that you can give your feedback.
Are you facing any property issues in your community and looking for guidance in the maintenance plan? Do you want to know about your state regulation on strata plans? Feel free to contact us for any query; our team of experienced professionals at SBS Australia would love to solve your problem.
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