According to the Sectional Title Schemes Management Act (STSMA), a 10-year maintenance, repair and replacement plan for major capital assets must be presented at the annual general meeting for approval by the members of the body corporate. What is the real benefit of planning maintenance so far in advance?
On 10 July 2020 we hosted a Zoominar on the topic of 10-year maintenance plans where we received great feedback and further questions from the attendees. This blog article is dedicated to answering those questions.
It has become the norm to increase insurance cover for community schemes by 10%, or even 15%, per year. On the other hand, some bodies corporate choose not to increase cover at all. However, how often do bodies corporate consider decreasing cover?
Having a 10-year maintenance plan for your body corporate is a requirement by law. A sectional title maintenance plan assists trustees with keeping all buildings and common property in a good state of repair, as this secures and safeguards the owners’ property investments.