Capital Works Fund Plans

Operating in New South Wales, Turnkey Property Inspections works with owners of strata titled complexes and strata managers to effectively forecast expenses, expected to take place in next 10 years. This allows owners of strata titles to comply with the NSW Strata Schemes Management Act. The Strata Schemes Management Act 2015, which requires the Owners Corporation to have a 10 year Capital Works Forecast Plan completed to ensure that sufficient levies are held in reserve to meet the long-term maintenance costs.

Legislation requires that these forecasts be reviewed at least once every 5 years to ensure that the current levies remain adequate to meet the forecasted maintenance requirements.

In addition to meeting legislative requirements, Turnkey Property Inspections will prepare capital works fund forecasts which will provide owners with an estimated costs of future repairs and ongoing maintenance of common property within their strata scheme. Having a sound financial management plan in place will help to ensure that there are adequate monies set aside to cover these expenses associated with maintaining the upkeep and appearance of a strata scheme.

Benefits of having a professionally prepared Capital Works Fund Plan

• Impartial and educated estimates of all anticipated repairs and maintenance costs
• Minimise or avoid large and costly special levies due to unforseen property maintenance
• More effectively meet Duty of Care to repair and maintain common property (specifically in relation to the safety of all visitors to the common strata scheme)
• Availability to pooled funds for meeting ongoing maintenance and repairs when they arise
• Reader friendly, visual reports that allow all owners to understand expected costs