Why should we have a reserve plan?
Your Body Corporate is responsible for a range of management, financial and administrative matters for the common property and for the building as a whole.
However the Bodies Corporate primary financial responsibility is to maintain the value of property and its respective assets.
‘For most New Zealanders the single biggest investment we will make is the purchase of a property’.
A detailed Reserve Plan is the responsible property owner’s best tool to maintain and increase the value of their investment.
The Benefits of a Reserve Plan:
• It will help you to maintain the value of your investment
• It allows you to budget appropriately
• It ensures maintenance is undertaken in a methodical, planned way
• It ensures that costs are distributed fairly among owners
• It avoids large unexpected costs and ‘special assessments’
• It can help a Body Corporate meet its legal obligations
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