A body corporate or trustees must prepare a written maintenance, repair and replacement plan for the common property. (Sectional Titles Schemes Management Act, 8 of 2011). The Act also states that the plan becomes active once it has been approved by the body corporate at the general meeting.
It is also important to differentiate between maintenance, repairs and replacement and to estimate a realistic cost of a certain item, taken into account all factors including escalation and inflation.
10 Year maintenance plan includes:
- Property inspection – physical inspection by an experienced surveyor
- Description of buildings and common property in the scheme, in general
- Listing of all Major Capital Items for that particular scheme and any other community and recreational facilities.
- Differentiate between maintenance, repairs and replacement of items
- In addition to the prescribed Major Capital Items, we include sub items for example window and door frames, garage doors and items relevant to the scheme.
- A current estimated replacement cost of buildings, trades and improvements.
- Estimated lifespan of the Major Capital Items for that particular scheme, community and recreational facilities.
- A comprehensive report on estimated cost of urgent current maintenance, repairs and replacement areas of the scheme.
- Dashboard – new information can be updated.
- The 10 Year Maintenance, Repair and Replacement Plan (MRRP) taken into account all relevant factors including escalation and inflation.
- In addition we add the Reserve Fund forecast – this is included in the 10 Year Maintenance, Repair and Replacement Plan (MRRP).
Various methods are used by our surveyors in order to calculate a realistic estimated cost. Tenders and quotations vary drastically from contractor to contractor and it is therefore important that the plan be updated regularly with new information.
However, the information can be updated when a tender or quotation has been approved by the body corporate, when maintenance had been completed, or when there was any improvements done on common property and that item to be added as a Major Capital Item.
The assistance from the body corporate with information regarding recent maintenance, repair and replacement, tenders and quotations is of cardinal importance.
Valworx (Pty) Ltd are proud, with valuers that have over 30 years’ experience in the property valuation industry, to have the knowledge and expertise. In the view of that, can we supply our clients with an affordable and comprehensive 10 Year plan, to point out that its is tailor-made for that particular scheme.
Each scheme offers different details and features, and it is therefore important to us to meet your needs, and not to be stuck with a generic plan which lack important information.
And even more, we can assist with the package of your choice to update the plan and provide professional advice to the body corporate and trustees.
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