Terms like capital works fund, maintenance scheduling and forecasting might sound highly complex. But they’re just part of good long-term strata planning. Being organised and proactive helps reduce unnecessary, expensive surprises in the future.
A strata AGM is not the finish line but the beginning of the next stage for the scheme. Important decisions are made, budgets are approved and responsibilities are assigned, but the outcome of it all depends on what committees do afterwards.
The working dynamic between those making decisions and those responsible for carrying them out has a real influence on how things function. When strata committees and strata managers can work effectively together, everything improves.
Some things to understand before joining, or even nominating for, a strata committee include the duties involved, the time commitment required, the legal responsibilities attached to the role, and how committees function within an owners corporation.
What are strata committees? Essentially, they represent the owners corporation as their elected representatives, with responsibilities ranging from managing finances and budgets to overseeing maintenance, repairs and creating by-laws.
A strata scheme is like a mini democracy—but who’s actually making the big decisions? Strata management oversees shared property and compliance, with key roles like owners corporations, committees and managers keeping things running smoothly.
Understanding strata plans is essential in navigating the complexities of property ownership. So, what is a strata plan? A strata plan is a legal document that sets out the subdivision of a property into individual lots and common property. Generally, multi-unit buildings, townhouses, and apartment complexes require strata plans.
Strata Hub New South Wales is mandatory for all strata schemes in New South Wales. Financial penalties may apply from June 30th 2023. If you have not registered and need assistance, contact our office today.
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Long term planning helps an owners corporation identify future maintenance, repairs and renewal projects before they become urgent. This gives committees more time to budget, prioritise works and make informed decisions about common property expenditure.
A capital works fund is money set aside by the owners corporation for significant common property expenses such as roof replacement, external painting, waterproofing or lift upgrades. It is separate from the administrative fund, which covers day to day operational costs.
Under NSW legislation, capital works fund plans must be reviewed at least every five years. Many schemes choose to review them more frequently following major projects, significant building changes or updated condition reports to ensure the plan remains relevant.
A strata manager can help committees maintain current information about the building, consider future maintenance obligations and support informed decision-making. Effective strata management also helps owners corporations assess costs, obtain quotes and schedule works appropriately as needs arise.
Yes. While older buildings may have more assets approaching renewal or replacement, factors such as construction quality, facilities, environmental exposure and maintenance history can influence planning priorities for any property.
Different buildings have different infrastructure, facilities and maintenance obligations. A smaller apartment complex may have very different requirements to a strata property with lifts, pools, security systems, basements or extensive shared spaces, which is why planning should be tailored to the building’s specific needs.
