Jul 06 2018
Maintenance Of Woodbridge Island
Posted in Woodbridge Island News
Driving or walking through Woodbridge Island, one will quickly notice that our gated island community is well maintained. As we all know, better-maintained properties achieve a better first impression and sale price.
The Sectional Title Schemes Management (STSM) Act applies to Sectional Title buildings and communities such as Woodbridge Island. One practical objectives of this Act is to promote formalised, long-term and consistent maintenance planning and implementation, backed by commensurate budgeting and financial management.
An important requirement of the legislation is for a documented 10-year maintenance plan to be prepared and presented by the Body Corporate at the Annual General Meeting (AGM). The maintenance plan must include all major maintenance items (such as electrical, plumbing, glazing, windows and waterproofing) and that the cost of repairing, replacing or maintaining these items over a 10-year period should be mapped out.
On Woodbridge Island this would include our roads, drainage, and community amenities such as the swimming pool and ponds.
Proper maintenance helps hold property values, and proper financial planning helps eliminate unplanned large special levy payments. This minimises the risk of difficult financial situations being created for sectional title owners.