10 year Maintenance Plans for Sectional Title Schemes
R16 000 spent on this property could have saved R500 000.00
A HouseCheck Maintenance Action Plan (MAP) is the answer.
The law requires you to have a 10 year maintenance plan for your sectional title scheme. The law is meant to protect you.
A proper 10 year maintenance plan could have saved this body corporate hundreds of thousands of Rands
Sometimes you need to spend a penny to save a penny
At Ipakanema Beach Body Corporate in Umhlanga Rocks we had an interesting case study. Firstly we had a very knowledgeable trustee in Chris Le Clezio who was aware of most of the underlying problems in their complex. Chief of these was that the damp proofing in many of the balcony areas was compromised because of bad decisions made by trustees in the past.
This body corporate had a 10 year maintenance plan put together by a firm of quantity surveyors. Unfortunately this plan had not identified the underlying problems and had recommended a repaint at a cost of around R1,2 million Rand.
Two years later the underlying problems came to the surface (literally) and the complex was looking a bit shabby.
Chris was overwhelmed because of the apparent enormity of the task and the apparent lack of funds. There were major concerns around the lifts and the trustees were saying that the damp proof problems rested with the owners.
HouseCheck has a dynamic financial modelling tool which allowed us to demonstrate to the the trustees that by taking a phased approach, they could meet all the complexes needs over the ten year period and could afford all the maintenance without increasing their levies.
All that was required was some cool heads and HouseChecks dynamic forecasting tool. We were able to demonstrate that by taking a phased approach and assuming some risk by the body corporate for what was supposedly unit owners areas of responsibility that the body corporate could save R500 000 over 10 years.
Not too shabby. A worthwhile R16000 investment I’d say.