Maintaining Common Property & the Life Cycle of Your Building

BY: ANNE CLEMENTS

Every building, its common property and assets will have a life cycle. Committees are required to budget each year and plan their expenditure to deal with the maintenance and replacement of the items to keep the building to the expected standard of all owners.

Committees at the budget committee meeting are expected to plan for the forthcoming year's expenditure, however often it is a new committee or at least some new members elected at the AGM as committee members that are expected to work with that budget.

Reports such as Sinking Fund Forecasts and Workplace Health and Safety Reports will help to plan the forecasted maintenance, however a longer ranging plan of maintenance and even upgrades over 5-10 years would give committees an easier task to do some long range forecasting and planning. All owners could even have input to this planning, creating a community spirit around the activities and planned maintenance/ upgrades. Businesses plan several years ahead for their long term goals and budget accordingly - a body corporate should also be focused on the benefits and long term strategies to benefit all owners.
 
It is a simple maxim "You do nothing - you lose". Neglect or non-maintenance will cost a fortune in the long term, planning for the life cycle of your building and putting in place an effective long term maintenance plan will benefit all owners in the long run.

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