How robust is your Body Corporate’s Long Term Maintenance Plan (LTMP)?
We have noticed at recent Annual General Meetings that owners in general and Committees in particular are taking a closer look at the robustness of their individual Long Term Maintenance Plans (LTMP).
Since the Unit Titles Act legislation was changed back in 2010/2011, some of our clients are onto their third version of their LTMP. Many have had complex maintenance/repairs done during this time or had a full repaint of the exterior at the very least. All have utilised the funds held in their Body Corporate Long Term Maintenance Fund (LTMF) along the way. Some have also had to raise special levies to cover any shortfalls.
Because ownership of many unites is constantly changing, and due to the fact that no one has a crystal ball, elected Committees have a responsibility to all owners to have the tools available to not only accurately list the building elements and infrastructure of the property, but also to have a thorough estimate of the costs of repair/replacement to assist the Body Corporate in establishing a robust and accurate fund.
We would recommend that our clients consider engaging experts such as chartered or registered building surveyors to produce the LTMP moving forward. They provide a breadth of experience in building related issues and practical advice on building maintenance. With a chartered or registered building surveyor the Committee can rely on professional advice and then make meaningful decisions on the best funding allocation to suit the individual Body Corporate.
Your Body Corporate Manager can help the process by assisting the Committee at review time by arranging quotes and forwarding the history of previous maintenance along with LTMF financial documents for the prior period to the new consultants.
A robust LTMP and a fully funded LTMF are attractive, value enhancing tools every Body Corporate should aspire to have. Talk to your Body Corporate Manager today to ensure your Body Corporate has a LTMP that has been produced by a professional.
General Manager – Body Corporate
Auckland Property Management