Module #7 Evaluating 5-Year Components Maintenance Costings Estimates for Over / Under Treatment
Remembering that the components repair / replacement costings as nominated in the D.R. are often based on ACTUARIAL assessments (i.e. average experienced / expected costs of similar items of similar service life conditions), it is prudent practice for Strata Councils to make assessments of their particular components in their specific conditions. Especially for the “Big Ticket” items.
So this is where notations are made about your assessments about the prospects of each component needing major repair or replacement in the coming 5-year period, as distinct from what the D.R. recommends.
And real cost savings on some elements of projects can be achieved in direct ways. For example, overall labour costs of projects like total interior lighting replacement can be reduced if volunteer owners contribute time & effort to removing and disposing of existing light covers, and unpacking, placing, removing and disposing of new light fittings packaging instead of leaving these activities to the contractors.
Apart from the potential for cost savings, the timing of needed repairs / replacements may be able to be phased over coming years, pushed forward to later years, or brought forward in lieu of less urgent works. It’s a matter of taking all practical options into consideration, and nominating a considered treatment approach.
