What it involves is that owner corporations are required to work out their capital expenditure needs for the next 10-years.
Owners corporations are expected to use either their own resources or outside experts to devise these plans.
When you are required to commence this planning is determined by your strata number:
- SP 30,000 and over were to have been organised by July 2007
- SP 10,000 – 29,999 by 1 July 2008
- SP 1 – 9,999 by 1 July 2009.
By the second AGM after these dates a plan should be in place. So hopefully, this should remove one of the surprises of being a unit owner.