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Capital Works Considerations

All capital works require proper consideration and expertise to ensure that the resulting project is well-managed. Experience has shown that decisions based on the lowest cost generally end up with delays, a higher financial outlay, and possible risk exposure areas. The greater the consideration that is given prior to commencement, the more likely that your scheme’s objectives will be achieved.

The aim of the below information is to act as an initial checklist for a project. It is not exhaustive, rather a grouping of items to be well thought out prior to decisions being made at General Meeting.

TIMING
BUDGET
EXPERTS

The skills, knowledge, and experience of all parties involved should be assessed. The assessment could be via a combination of document review, interviews, reference and qualification checks, etc. A committee might select to do this themselves or use a project manager. The scope of the expected deliverables of each expert, including the strata manager, should be clearly documented.

It is wise to consider the use, credentials and additional cost of the following parties:

COLLECTION OF INFORMATION
COMMUNICATION PLAN

Communication with the owners is key. The communication plan should:

MEETINGS FOR A LARGE CAPITAL WORKS PROJECT

Owners should be part of a capital works journey. For a large project, the following 3 general meeting approach enables timely decisions

 

Download the Capital Works Information Guide

If you have any questions on this topic, simply contact your Strata Plus strata manager or your branch manager.

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