Amendments to the sectional title legislation in 2016 require all sectional title schemes to prepare an annual maintenance plan that makes provision for future maintenance over a 10-year period. These maintenance items must be of a capital nature, unlike the general daily or monthly maintenance items a scheme must budget for in its administrative budget.
In this training session, we unpacked the basic requirements of the 10-year plan to understand how it must be prepared and how the levies contributions towards it are calculated.
We invited Bjorn Laubscher of Mirfin Valuation Services, a specialist company providing valuations and maintenance plans to sectional title schemes, who shared his insights and knowledge on the 10-year plan and the correct way to calculate related levies, as well as the pitfalls when schemes do not use a specialist to prepare their plans.
This training session took place on Monday 28 August 2023.
The webinar was presented by Leigh Maingard, CEO of Intersect Sectional Title Services.