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HI.
I live in a self managed 8 unit block in QLD
I am on the committee
as far as im aware we dont have a forecast for our sinking fund
our finances are in good order we have $45,000 in the sinking fund but things are looking tired and will need some work, for exmaple
replace the stairwell carpets
paint the roof
resurface the driveway and path
fix the garden
I believe it is mandatory to have one ?
how should I apprach this to ensure we have one?
is it worth getting a professsional to do one ?
I am hoping by having one it will encourage committee and owners to agreed to do some work around the buiding
thanks
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Sarcasm!?! That’s OK. I’ll arrange an immediate refund … oh, sorry, I forgot, this is a free service.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
Not sarcasm, she was thanking me for this post which was still in composition. I have great powers of telepathy.
Hi Gabrielle,
There are specialist strata quantity surveyors who do this. They are worth their fee because although you can do your own plan, they see things you may not and are qualified to give estimates and time frames for future works. They will also look over your past audits to allow for general ongoing costs for your particular building.
Like a GP, they are not so interested in your planned elective surgeries, just medical history and possible impending illnesses.
Committees change, and so does the focus therefore anything which is just a wishlist is up to you to add. Things like roofing, doors, windows, fire safety, plumbing, WHS, air-con or other plant will be particularly noted.
Good luck, hope that helps.
… someone out there.
FDH said: Committees change, and so does the focus therefore anything which is just a wishlist is up to you to add. Things like roofing, doors, windows, fire safety, plumbing, WHS, air-con or other plant will be particularly noted.
All of the above is true, but they will also look at the age of your infrastructure (like lifts and air vent fans) and tell you when they are likely to need to be replaced.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
Worn carpets are a trip and fall hazard for older people. Your oldies might be scared more by that and/or insurnce refusals, than the thought of spending money.
The opinions offered in these Forum posts and replies are not intended to be taken as legal advice. Readers with serious issues should consult experienced strata lawyers.
Honestly,
You can do this yourself instead of paying a ‘consultant’ to do it. save yourself a few bob in the mix and put the money saved to something else your SMF needs. O’Connors has a free spreadsheet. I have copied the link from the internet. Anyone with a bit of nouse can fill in the blanks. Have a meeting. Discuss what needs to be done and how much you think it may cost. VOILA!!!
http://www.opr.com.au/assets/SinkingFundAssessmentProForma.xls
If it’s of further interest, in our experience as owners, and as Keymaster pointed out, the strata managers thoughtfully put an agenda item each annual general meeting, of “WHS” (yes, that’s worker, health and safety assessment).
This seems to me to cover all and more of the items your’e discussing. Also,.Yes, not all the suggestions are agreeable to everyone, and of course it costs for each update, with any of the items costing as well, again if all agree. Good luck!
Try opr.com.au and scroll down to the sinking fund forecast link. It seems O’Connors has altered its website from the above link.
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