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.
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.
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.
In part 1 of this blog, we addressed the two funds – reserve fund and administrative fund – as well as how to differentiate between operational expenses vs capital expenditure. This blog focuses on routine maintenance vs preventative maintenance and how these definitions can be quite confusing.
If you believe the municipal valuer has over-valued your property, you should contest this; if justified, the valuer will be amended. If an objection is not lodged during the advertised objection period there is little prospect of having the municipal valuation amended, barring special circumstances.
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