Sinking Funds

Sinking Funds

A sinking fund is a fund established by the body corporate of a building that sets aside revenue over a period of time to fund future expenses usually in the form of building maintenance works.

A sinking fund report created by Auswide Quantity Surveyors identifies the budgets required to carry out these works over a period of time. The plan is a powerful tool that enables the owners corporation to budget works early so that there is sufficient money available to cover the works.

It is estimated that there is a $3 billion gap in New South Wales for what sinking funds need to have compared with what they currently have in the funds for a rainy day.

Major repairs and maintenance items in areas deemed  as common include:

Painting facades

roof repairs and maintenance

Lift repairs and servicing

External areas such as pavements and fences

All internal common areas – replacement of carpet, painting of walls and ceilings

 

Auswide Quantity Surveyors also identify which work needs to be done and at what time by analysing the building and classifying what needs to be rectified now and in the future. Please call us today to organise an inspection and report for your building.