An Owners Corporation maintenance plan covers the following;
- Major capital items for repairs and/or replacement over the next 10 years
- The present condition of those items
- When the items or components will need to be repaired or replaced
- The estimated cost of their repair and replacement
- The expected life of those items or components once repaired or replaced
If your Owners Corporation has an annual general levy of $200,000 or more or has 100 Lots or more (as identified on the Plan of Subdivision) your Owners Corporation must prepare a Maintenance Plan.
However a Maintenance Plan must be approved by the Owners Corporation before levies can be issued.
The Owners Corporation is required to report on the implementation of its maintenance plan at the Annual General Meeting.
The Knight Alliance recommends that all Owners Corporations have a maintenance plan to assist in identifying the longer term maintenance requirements of the Owners Corporation.