Strata maintenance plans: Why every building needs one

Keeping your building in shape — and your levies predictable

Owning a property in a strata scheme isn’t just about maintaining your own lot — it’s about protecting the long-term value of the entire building. A well-structured strata maintenance plan, also known as a capital works fund plan or sinking fund plan, helps committees budget wisely, avoid financial shocks, and keep the building compliant with NSW strata legislation.

What is a strata maintenance plan?

A strata maintenance plan sets out the likely repair and replacement needs of your building’s major components over the next 10 years (or more). It forecasts when major works — like repainting, roof repairs, plumbing upgrades or lift replacements — will be due, and estimates how much those works will cost.

The purpose is simple: to make sure your scheme collects the right amount of levies each year so that when a big expense arises, you’re ready for it — not scrambling for a “special levy” at the last minute.

Is a maintenance plan required by law?

Yes. Under the Strata Schemes Management Act 2015 (NSW), all owners corporations must:

• Prepare a 10-year capital works fund plan

• Review and update it at least every 5 years

• Contribute to the capital works fund in line with the plan

This requirement ensures that every scheme — whether it’s a new development or a decades-old building — is planning ahead for essential maintenance and not passing the problem to future owners.

What does a good maintenance plan include?

A quality maintenance or capital works fund plan will typically list:

• Major assets in the building (e.g. roof, windows, lifts, plumbing, car park surfaces, common lighting)

• Expected life span of each asset

• Estimated cost and year of repair or replacement

• Recommended annual contributions from owners to cover future works

At Centric Strata, we use digital tools to create detailed, transparent maintenance schedules that align with your actual building condition and past works — not just generic estimates.

Why a proactive plan saves money in the long run

Skipping or underfunding your maintenance plan can feel tempting in the short term, but it often costs more later. Without accurate forecasting, buildings can face:

• Unexpected special levies that strain owners financially

• Faster asset deterioration, leading to bigger repair bills

• Lower property values due to poor upkeep or buyer hesitation

• Insurance complications, if preventable maintenance issues arise

A well-maintained building attracts higher resale prices, happier residents, and fewer disputes over who pays for what.

How Centric Strata helps

At Centric Strata, we guide committees through every stage of their maintenance planning process:

• Reviewing your existing capital works plan

• Identifying any gaps or outdated costings

• Updating forecasts using current building data and inflation rates

• Setting up digital maintenance registers for easy tracking

• Advising on levy contributions to keep the plan financially healthy

  
  

We also work with developers of new buildings, helping them establish maintenance protocols and digital tools that meet new NSW legislative requirements.

Final takeaway

A strata maintenance plan isn’t just another compliance document — it’s your building’s financial roadmap. When managed properly, it ensures:

• Your building remains safe, attractive, and compliant

• Owners avoid nasty financial surprises

• Committees can make informed, confident decisions

If your plan is outdated or hasn’t been reviewed in the past five years, now’s the time to refresh it. Centric Strata can help you prepare, review, or digitise your maintenance plan — ensuring your property stays protected for years to come.