Over ten years Property Reporting experience
On the 1st of May 2020, Western Australia’s Strata laws changed for the first time in over 30 years. The reform has led to more clear and fair rules for those who own, occupy, or intend to purchase a strata-titled property.
Under the revised Strata Titles Act 1985, the 10-Year Plan and Reserve Fund has become a requirement for certain strata schemes. It applies to schemes with more than 10 lots or a replacement value of over $5 million.
Why do I need a 10-Year Plan?
To plan for the future of your scheme
Stay on top of maintenance and repairs that may arise
Identify upcoming expenditure and ensure funds are available when needed
The 10-Year Plan sets out the anticipated maintenance, repair, renewal or replacement requirements (other than of a routine nature) for any items of common property and personal property of the Strata Company, that is likely to arise in the next 10 years. These items are referred to as Covered items.
It includes estimates of costs and timeframes. For example, this could include replacing the roof cover, saving up funds for the refurbishment of a lift or resurfacing the pool.
Relationship Between a Reserve Fund Budget and a 10 Year Plan
The Reserve Fund Budget is intended to ensure strata owners understand how much money they will need to put aside to afford the large expenses when they occur. It is the duty of a Strata Company to determine what amount is needed to maintain a strata scheme. A well prepared 10-Year Plan helps establish the amount the Reserve Fund should hold to avoid the need for huge ‘one-off’ special levies.
Why Choose Us?
QUALIFIED & EXPERIENCED TEAM
Registered Builders conduct building inspections, assess actionable maintenance and upgrades, and prepare conditions reports.
Quantity Surveyors review costings and provided documents to compile Reserve Fund Budget and forecasting.
Structural Engineers Certify condition reports and address structural issues e.g. foundations.
Unbiased and
objective reports
Asset Reports and Home Integrity Strata Consultants are independent operators.
fixed price quote
Home Integrity and Asset Reports will provide a fixed quote with no hidden extra costs.
comprehensive reporting
pack for AGM
We deliver a full comprehensive report with an easy to understand, actionable 10-year plan.
no limit on
cost estimates
We use the most up-to-date building costs and databases to ensure everything is costed and included.
20 year forecast
Providing long-term visibility to ensure there are no nasty surprises.
certified
compliant reports
Our reports are carried out by two specialised companies, so all aspects are seen by industry leading professionals.
Our comprehensive reports offer a greater level of detail to ensure that strata schemes maintain value and future-proof against any changes or upgrades, with annual inspections and report updates.
