#25579
Cosmo
Flatchatter

    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

    75A Owners corporation to prepare 10-year sinking fund plans