10-year maintenance plan Archives - Stonewood Properties

30 Oct Your body corporate has a 10-year maintenance plan; now what?

Posted at 11:21h in Property

Sectional title legislation requires all sectional title schemes to have a 10-year maintenance plan, also referred to as a maintenance repair and replacement plan (MRRP), which estimates the maintenance cost required by year over a period of 10 years. This plan does not generally include day-to-day maintenance items as those are allocated to the administrative budget. Let’s consider why a 10-year...

11 Sep What to do when your body corporate holds sufficient reserve funds

Posted at 11:48h in Property

Once a body corporate already holds substantial funds in reserve, do they need to keep contributing to the maintenance reserve? In this blog, we address this question about reserve funds. What does the Act say? Naturally, owners do not want to make unnecessary payments, especially considering that the fact that when they sell their apartment, they will not be able to withdraw...