How often should a Sinking Fund Budget be Reviewed?
It is recommended that these studies be updated approximately every three years.
A Sinking Fund should be undertaken for existing and new Body Corporates or Owners Corporations as soon as possible.
This is to ensure that the costs set aside will cover any unexpected necessary payments and to also make sure that there are no new Building Work Items that will need to be allowed for.
Sinking Funds should be prepared by suitably qualified and experienced Quantity Cost Professionals such as Quantity Surveyors.
It is important that when a Sinking Fund is to be reviewed that the Property is also revisited and inspected properly. It has been known that some Companies will just update the previous Sinking Fund figures by adding a percentage over all of them. This is not adequate nor professional.
There could very well be new work that needs to be included or existing Work Items that need to be re-allocated in the programme.
To get a Sinking Fund done for a Body Corporate or Owners Corporation, let us find you the right suitably qualified and experienced Quantity Cost Professionals to assist you.
Just provide your details in the box, on the top right hand side of your screen.
It can save you a lot of time, money and worry.