Sinking funds, future expenditure, preventative maintenance plans. There are so many names for what is the same thing; a pot of money to spend on your building in the future. There is no set process for calculating this. Some property managers simply put a bit of money aside each year. We don’t agree with this process.
In our MyRevolution operating system, we have a future maintenance section. This lists all the things in the buildings and when we believe they’ll need replacing. Did you know a lift will cost around £60,000 to fully replace a small one?
You need to get saving as there are so many things you’ll need doing. Decorating, new carpets, new lifts, CCTV replacement, replacing car park doors, new lighting, new fans, and the list goes one.
A listed building with two lifts over a 20 year period can consume approximately £1 million in future maintenance costs. It’s something that needs to be started as soon as possible.
If you like the idea of a structured future maintenance plan for your buildings why not contact us by phone 0161 850 0022 or via the contact button belowContact us