As a property or strata manager, you probably already know that strata waterproofing is more than just a tick box exercise. It is a proactive measure to ensure the building under your care is safe, its long-term value strengthened and its structural integrity sound.
That’s why knowing how to budget for strata waterproofing is essential. Proper financial planning ensures that the capital works are delivered efficiently and fully compliant. To help you enjoy peace of mind on your asset protection works, we have put together this handy guide to budgeting for strata waterproofing.
As a leader in compliance and strata building remediation work, make sure to reach out to the BIM Sydney team for custom assistance. If you’re part of a strata committee, a homeowner in a strata property, or responsible for managing a building, you know that waterproofing isn’t just another maintenance task. It’s a critical step in protecting your building, preserving its long-term value, and preventing costly structural damage down the line.
Understanding how to budget for strata waterproofing is key. Sound financial planning ensures that any waterproofing or capital works are delivered efficiently, meet compliance standards, and safeguard your investment.
To make this process easier, we’ve prepared a practical guide to help you plan and budget for strata waterproofing with confidence.
If you’d like expert support or tailored advice for your property, get in touch with the BIM Sydney team, leaders in strata compliance and remedial building works.
Why Budgeting is so important in Strata Waterproofing
Without structured budgeting, strata works and schemes risk incurring unplanned and unexpected expenses. In some instances this might be a result of deferred maintenance, delayed works or compounding damage as a result of water ingress.
Having and executing a clear budgeting process helps to plan for both immediate remediation construction needs and ensure longer term prevention. Plus, accelerated deterioration of your building can result in unhappy residents, higher insurance premiums and greater headaches down the road.
The Risk of Waterproofing Failures
The reality is that waterproofing is critical, especially in multi-storey buildings. Waterproofing failures are among the earliest signs of deterioration and can prove to be extremely costly if not attended to.
Waterproofing failures can be caused by a number of items including:
- Neglected joints
- Bad movement detailing
- Older membranes allowing for greater penetration of moisture
The result? Everything from concrete spalling and corrosion to mould growth.
The Purpose of a Budget
Accurate and proactive budgeting for Waterproofing projects ensures that there are funds allocated for when you need them.
Sometimes this means urgent repairs that need attendance as soon as possible. But it could also ensure you have the working capital to carry out necessary upgrades to protect the building’s condition and value over the long term.
Integrating your waterproofing needs into that capital works plan keeps your strata committee compliant with NSW legislation, improves your level of governance responsibility and guarantees financial readiness.
A Guide to Budgeting for Strata Waterproofing
1. Assess Your Strata Building’s Condition
The first step to budgeting for strata waterproofing is to gather information about your building’s current condition.
An independent condition assessment carried out by a qualified remedial consultant, such as BIM Sydney, can ensure a comprehensive assessment of every aspect of the building.
The report should cover roof coverings, balcony membranes, drainage points and even movement joints. Any active leaks, of course, should be identified, but so should high-risk areas that require more monitoring and potential emerging failure points that should be addressed as well.
This report should form the basis of your budget. As a strata committee or manager it can be used during your meetings to demonstrate the financial risk associated with waterproofing related deterioration and outline how to begin allocating necessary funds to its remediation.
2. Identify the Necessary Scope of Works
With your building’s condition known you can begin to define what waterproofing services require immediate actioning and what can be planned for over time.
A properly defined scope of works should include:
- Project boundaries
- Tender requirements to ensure comparability
- Provisions to avoid cost blowouts
- Staging requirements to ensure it aligns with capital works forecasts
3. Obtain Cost Estimates and Quotes
The next step is to procure quotes from reputable remedial contractors.
We recommend asking for itemised quotations from multiple accredited builders. This allows you to compare the difference in pricing for not just labour, but materials, scaffolding, compliance testing, reporting and project management.
With BIM Sydney, for example, we provide transparent pricing along with supporting documentation to back up our comprehensive quotations.
4. Ensure Costs are Aligned with Capital Works Planning
As mentioned, buildings in NSW are required to maintain a 10-year long capital works fund plan.
Once you have procured estimates for the waterproofing work required, it is important that the project is integrated into your plan. Prioritising waterproofing works will ensure the safety, value and longevity of your building.
However, not all works need necessarily to be completed in the short term. For example, roof membranes may require partial upgrades with your 10-year plan, whilst your balcony membrane may last longer.
For assistance aligning your budget allocations and capital works planning with your waterproofing remedial needs, make sure to speak to BIM Sydney today.
5. Consider Compliance and Access Costs
As part of your budgeting, it is important that you factor in both compliance and access costs.
This can include any or all of the following:
- Engineered designs for temporary access systems
- Safe Work Method Statements
- Fall arrest systems
- Necessary permits
- Compliance testing
- Waterproofing certification
Apart from the peace of mind that this provides in ensuring compliance with Australian and NSW standards, it also helps avoid unexpected additional costs once work begins.
6. Consider Adding Contingency Funds
However, even with careful budgeting, procurement and inspection, once waterproofing remedial works begin, unseen damage and defects can present themselves.
That’s why we recommend a contingency fund of 10 to 15% of the total waterproofing budget. This ensures that there is sufficient finance and flexibility in the event of genuinely unexpected issues. It ensures that the project can progress without any costly interruptions and that you don’t incur any emergency levies.
7. Implement Asset Protection Strategies
Once your remedial works are complete, it is essential that you protect your investment. Ongoing maintenance, according to a schedule, will help you improve and preserve your building’s value and structural integrity.
The BIM Remedial Sydney team can help develop a comprehensive maintenance schedule for you with customised inspection intervals, warranty conditions, cleaning protocols, and even minor re-sealing requirements.
Incorporating these ongoing and maintenance costs into the initial budget will ensure fit-for-purpose capital works and greater return on your asset protection investment.
BIM Sydney: Where industry compliance and technical assurance meet remedial expertise
Good waterproofing budgeting links engineering and construction with financial and regulatory governance.
Fortunately, BIM Remedial Sydney is here to provide strata managers and owners corporations with peace of mind. Our comprehensive approach guarantees practical and cost-transparent waterproofing work that align with capital works planning and meets all of the relevant regulatory standards.
If you have any questions or concerns about how to budget for strata waterproofing, how to engage in capital works or how to ensure asset protection, give us a call today.
