Sinking Funds For Body Corporates

Why Do You Need a Sinking Fund when you’re involved with a Body Corporate

Let’s say you’re living in a townhouse, unit or apartment and maybe you’ve noticed that the overall property isn’t being properly maintained.

What you will need to do is have a chat to your neighbors and find out who is on the Body Corporate Committee for the complex.

The Body Corp Committee Chairperson or Secretary should be able to tell you what the budget for required maintenance work is and when the work is programmed to be carried out.

This essentially is what a Sinking Fund Budget is for.

If you are using a Body Corporate or Owners Corporation Manager to assist in managing the complex then they should be able to advise you.

If you find, that you don’t have a Sinking Fund Budget, or that it is out of date, then you need to get one in place as soon as possible.

The Sinking Fund helps to ensure that the common property is kept to an agreed and acceptable standard, so that it looks good and maintains a good potential resale value for the Unit Owners

Quantity Costs can help you to find the right people to prepare a Sinking Fund Budget.

Add your details into the fields provided and we will have one of our Quantity Costs Professionals contact you to advise!