Long Term Maintenance Plans, do you need one?
Posted on 17 June 2014
The body corporate is obliged to prepare a long term maintenance plan (LTMP) under the Unit Titles Act 2010. It is our belief that a well run body corporate will add to the perceived value for potential purchasers of units. With the new Unit Titles Act and the provision of pre-contract disclosure statements and additional disclosure statements, potential purchasers have an opportunity to lift the lid and see if the BC is run well – they can review minutes of meetings and financial accounts, so get to understand if the body corporate is preparing for things like long term maintenance.
At Transparent Body Corporate we believe that without a comprehensive, up to date LTMP the perceived value of your property could be significantly impacted.