In a world of rising costs, prevention is undoubtedly more budget-friendly than a reactive approach. That is why prioritising preventative maintenance is a savvy financial move. Your owners corporation or body corporate should have a capital works or sinking fund and a maintenance plan detailing the costs and upkeep of future capital expenses such as painting the building, driveway refurbishment or replacing common property items.
Regularly reviewing and updating this plan allows your committee to effectively schedule maintenance and repair work. Continuous monitoring could also help better anticipate funding requirements, potentially even predicting the need for a special levy to top up your capital works fund, sinking fund or maintenance fund.
To gain better financial transparency on budgets, make it a point to review this plan every 12 months, possibly during a property walkthrough, to check the past year’s completed tasks and gauge if additional maintenance and repair work is required. By allocating resources to address potential issues before they become costly problems, your owners corporation or body corporate could save money in the long run and shield your budget from unexpected financial shocks. This proactive approach may help to protect your property’s safety, structural integrity, and long-term sustainability, potentially reducing the need for expensive emergency repairs.