Every few years large scale redecoration works should take place on your development. These works cover maintenance such as external redecorations, internal redecorations, carpet replacements or a lift replacement. How often the redecorations should take place will be advised by your lease.
From every service charge you pay, a portion of the money goes towards the reserve funds which are used to pay for future projects. The reserve fund is collected based on an estimate of how much the works are expected to cost and when they are due to take place.
You will always be consulted about upcoming projects and encouraged to put forward any observations about projects or to nominate any accredited and competitive contractors when we start to tender for the works.
Sometimes things crop up that are out of our control and we cannot budget for, we may need to issue an additional levy to cover any shortfall where the reserve fund does not cover the full cost of the work.
There are some instances where large scale projects are projected to cost significantly more than what is currently being collected and put into the reserve fund. Your Property Manager will make a decision with our finance team whether it is best to carry out an Asset Management Plan. All residents of the development will be consulted before an Asset Management Plan is put in place but the ultimate goal is to avoid charging residents a high additional levy when the time arrives by raising the service charge over an extended period of time.
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