Capital Works Fund Forecast

Strata Schemes

Operating throughout New South Wales, Turnkey Property Inspections works closely with strata managers and owners' corporations of strata-titled complexes to effectively forecast capital expenditure over a 10-year period.

Having a sound financial management plan in place will help ensure adequate funds are allocated to cover expenses associated with maintaining the upkeep and appearance of a strata scheme.

In addition to ensuring that the fund has adequate resources to meet any future capital needs, having a professionally prepared capital works fund plan by Turnkey Property Inspections will ensure that the Owners' Corporations comply with The Strata Schemes Management Act 2015.

The Act requires Owners' Corporations to consider the medium to long-term capital expenditure needs of the strata scheme, and funds are aside to cover these expenses. Legislation requires that these forecasts are reviewed at least once every five years to ensure that the current levies are adequate to meet the forecast maintenance requirements.

Our team of experts prepare every report based on the individual requirements of the building and the Owners Corporation. Each report is completed by a licensed builder, providing peace of mind that an industry expert considers the needs of the building with knowledge and credibility.

Face-to-face meetings on-site with a representative from the Owners' Corporation are encouraged to ensure that the individual needs of the building are considered when preparing our recommendations.

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 unforeseen property maintenance
• More effectively meet Duty of Care requirements as legislated to repair and maintain the common property (specifically concerning the safety of all visitors to the common strata scheme)
• Availability of pooled funds for meeting ongoing maintenance and repairs when they arise
• Reader-friendlily, visual reports that allow all owners to understand expected costs easily

Building Management Committee (BMC)

Does your building have multiple entities with a BMC to manage the shared infrastructure? Turnkey Property Inspections can provide BMCs with a practical capital works forecast.

Our tailored BMC Capital Works Fund Forecasts outline the combined costs associated with the maintenance of the BMC, along with a breakdown of estimated expenses and recommended contributions, for each stratum, according to the Shared Facilities Register.

A clear understanding of costs will help ensure that each entity is aware of its commitments to maintain the property's shared facilities over the next ten years in an easy-to-understand report.