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11/10/2016 at 9:47 am
#25579
Hi Robyn, to the best of my knowledge “a consultant firm” is not necessary at all. Strata laws do require assessments which cover a 10-year period with a review to be done every 5 years.
We do our own assessments via a excel spreadsheet every five years. It is not compulsory to implement the things listed in the assessments but they do form a very handy budgeting and planning tool for examining whether future needs for large maintenance items will be able to be met out of levys.
In NSW the relevant legislation is:
STRATA SCHEMES MANAGEMENT ACT 1996 – SECT 75A
Owners corporation to prepare 10-year sinking fund plans