What is a maintenance plan?

A maintenance plan sets out the plan for replacing and repairing major capital items (eg a Lift or HVAC) within the next 10 years.

A maintenance plan must detail the present condition and state of the items listed in the plan, when those items will need to be repaired or replaced, the estimated cost of those items and the expected life of those items.

A maintenance plan is a must for prescribed owners corporations and recommended for all owners corporations, and is only in effect once it has been approved by the owners corporation.