Sinking Funds For Body Corporates
Why Do You Need a Sinking Fund when you’re involved with a Body Corporate
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If you find, that you don’t have a Sinking Fund Budget, or that it is out of date, then you need to get one in place as soon as possible.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.