How accurate is your 10-year maintenance plan?

The Sectional Title Schemes Management (STSM) Act no. 8 of 2011 stipulates that all community schemes are obliged to set up a 10-year maintenance, repair and replacement plan. The 10-year plan must be updated at least annually for presentation at the annual general meeting (AGM), however it is strongly recommended that the plan is updated more frequently.
Purpose of the 10-year plan
It is important to keep in mind that the 10-year plan is a theoretical financial model- it is, therefore, a continuous work-in-progress and will rarely be completely accurate. However, having an up-to-date 10-year plan in place does guarantee that the body corporate will have sufficient reserves available when planned preventative maintenance is required.
The benefit of a Mirfin 10-year plan
We believe that setting up a 10-year plan for a community scheme should not be a costly or time-consuming exercise. Rather than engaging specialist contractors to quote on long-term maintenance needs, Mirfin’s 10-year plan is compiled as a maintenance forecast that is based on a light inspection, building design and layout and the surveyor’s professional experience.