SECTIONAL TITLE SCHEME 10 YEAR MAINTENANCE PLANS
There are several important maintenance requirements arising from the Sectional Title Schemes Management (STSM) Act.
The practical objectives are to promote more formalised, long-term and consistent maintenance, planning and implementation, backed by commensurate budgeting and financial management. Estate agents will confirm that better-maintained buildings achieve a better first impression and sales price, also that the risk of special levies in poorly maintained buildings has been a disincentive for potential buyers, not to mention a serious concern for existing owners.
This new legislation aims to address these issues which have a direct bearing on property value creation as well as living standards in the property.
The first important requirement of the new legislation is for a documented 10-year maintenance plan to be prepared and presented at the Annual General Meeting (AGM). Our custom made maintenance plan include all major maintenance items (such as electrical, plumbing glazing, windows and waterproofing) and that the cost of repairing, replacing or maintaining these items over a 10-year period is also mapped out.
Buildings with potentially more complex maintenance requirements will require a specialised maintenance plan. We survey the property and compile the necessary 10-year maintenance plan. Our custom made a written plan, presented annually, will facilitate better maintenance planning and implementation. In addition, the plan will assist the Trustees to account to the members at the AGM for maintenance expenditure.