What are Capital Works Plans?
The purpose of a Capital Works Plan is to cover the anticipated future expenditure required to maintain and update a property over a forecast period of 10 years. Prior to producing the plan, a site survey is undertaken to identify and quantify the assets and issues within the common property, and then valued against a predicted life span in order to forecast the likely expenses. This is used as a basis to calculate reasonable contributions in order to retain the building’s integrity, whilst reducing the need for special capital works levies, and future exhaustive maintenance or reinstatement major costs.
Update Your Capital Works Plan Regularly
As mandated by the Strata Schemes Management Act, a Capital Works Plan is required to be reviewed every five (5) years. Whether it be an initial assessment or a five year review of an initial assessment, our team will conduct a site inspection to ensure that the capital works fund reflects the actual aging and associated works of the building, as well as any changes in circumstances within the common property and the allocation of funds.
What do Our Reports Include?
We understand that our recommendations in a Capital Works Plan may affect the lives of the people residing within them. As such, each report is vetted by our team of quantity surveyors, architects, and project managers, providing an in-depth holistic assessment of each strata plan we consult, while at the same time take into consideration the financial, environmental and social factors of each properties area.
Furthermore, each report we produce follows these principles:
- Site inspection by two of our members of staff, for either an initial assessment or an update to an initial assessment.
- Assessment of the current Capital Works Plan and our recommendation based on our findings.
- Capital Works Plan asset register, including a priority schedule for works to be undertaken ranked in order of urgency, along with a recommended solution to any issue identified within the common property that impacts the fund allocations.
- A photo review of the defects identified from our site inspection.
- A 10 year capital works plan forecast based on our 20 plus years of experience working with strata property.
- Proposed owners levies for the next 10 years.
Why Choose Us?
If you’re interested in a tailor made Capital Works Plan for your strata property, then you have come to the right place. We are happy to review any current plan, vet upcoming schedule of works, and invoices from contractors for inclusion in our report to provide as-accurate as possible Capital Works Plan. Our reports are not generic, nor left to a fancy mathematical algorithm without a human touch.
How do I Get a Quote?
Email us at firstname.lastname@example.org with a copy of the strata plans and we will get back to you with our fee proposal. If you are a strata manager, we can email you through a Schedule of Fees for all our strata services.