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The Body Corporate (all of the lot owners, not the management company) has a responsibility to maintain their building.
It's important, because a well maintained building will not only look better on the outside and help grow the property value but it will also "work" better in terms of plant and equipment that deliver the services. Lifts, air conditioning, pools, hot water, intercoms / access systems, fire detection and fighting equipment. The list goes on... As we all know, nothing lasts forever. Things WILL breakdown and eventually wear out. This is where a good Sinking Fund Forecast comes in.
It should firstly identify the type and quantity of all elements of the building, not just the exterior paint and the gardens! It should also provide a realistic opinion of the life of an item and adequately forecast for money to be collected for when the item is likely to be repaired or replaced. That way you, as an owner don't need to be worried when a significant amount of money needs to be spent because the money is there and can be done.
If the forecast is accurate and your sinking fund levies have been set accordingly, then the money should be ready to be applied to fixing the problem. Imagine if you didn't provide for a lift breakdown and it did breakdown (and you live on the 10th floor!) Raising special levies after the breakdown to owners is inconvenient and TIME CONSUMING. (Though it may help you get fitter!) Does your Sinking Fund Forecast cover everything that is practically conceivable? Has it been reviewed recently? Have you looked at it and understand what it says?
As an owner of a lot in a scheme you want to be sure of three things: What will eventually cost money, when is it likely to need fixing, how much will it cost to fix. Read your sinking fund forecasts and ask questions. Its a great way to learn about the building and working out if you're paying a "fair" amount into the sinking fund.
