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Commonly overlooked areas in community scheme budgets

Sep 27, 2021 | Project Loans

Community housing schemes include Sectional Title schemes, share-blocks, retirement developments and Home Owners’ Associations (HOAs). Successful community house schemes all share one thing in common, good financial management. As such, good cash flow management and correct budgeting are extremely important for these schemes on an ongoing basis. However, there are some areas that schemes can overlook and if these aren’t budgeted for, they can create a major financial headache for the scheme.

6 commonly overlooked areas in community scheme budgets

  1. Roof repairs or roof replacement

One of the most expensive repairs or maintenance jobs in a community housing scheme is roofs. Sometimes, this simply hasn’t been budgeted for because people often forget about it until a leak appears. By that time, it’s already too late, and a repair, if not replacement, will need to be done. Roof repairs and replacements can be extremely costly, particularly if the roof hasn’t been maintained and more issues crop up at closer inspection. Roofs should ideally be inspected once a year at the end of the dry season to ensure they’re in working order and there are no repairs needed. 

  1. Redecoration 

Any redecorations to the communal areas of a community scheme, like a swimming pool or play area, are often overlooked in community scheme budgets. It’s something that doesn’t come to mind until it’s in dire need of some attention, like a new coat of paint, some new swings or a new lawn. Any of these redecorations that are needed and haven’t been budgeted for will need to be financed through another channel.

  1. Security upgrades 

Security features like gates, electric fencing and walls are a necessity, but schemes can overlook the fact that these features need upgrades from time to time. Mainly if there has been a breach of security within the property, security upgrades will be an immediate non-negotiable project, but it regularly isn’t budgeted for. These upgrades can be pricey, and schemes would need access to an immediate fund to take care of the necessary work. 

  1. Budget shortfall

 Even if a community housing scheme has planned and budgeted for various occurrences, a budget shortfall can still happen, which can land the scheme in municipal arrears, for example. This can happen when levies haven’t covered the expenses due to poor planning, or the levies are in arrears, disrupting the scheme’s cash flow. Either way, a budget shortfall can lead to a situation where extra funds are needed quickly to settle any payments that were supposed to be made. 

  1. Lift repairs or replacements

Another project that frequently isn’t top of mind for community schemes is lift repairs and replacements until it’s needed. Lifts can work for a long time without needing attention, and it’s easy to forget about them because they aren’t an obvious priority. If a scheme’s lifts aren’t properly maintained, they can break and need expensive repairs or replacements. If this hasn’t been budgeted for, which is regularly the case, this can lead to a financial problem. 

  1. Resurfacing or tarring of common area

This is, of course, another costly maintenance or repair job for a scheme and one that is often not considered until it’s needed. If a scheme hasn’t budgeted in advance for this, by the time a surface needs to be repaired or redone, it’s too late to find the funds through the scheme because it will need to be worked on straight away. So, the scheme will need to find another source of funding quickly. 

A financial solution 

Community housing schemes are often unprepared when it comes to the repairs and maintenance mentioned above. Don’t let your budget get in the way of your big plans. If you aren’t prepared, we’ve got just the financial solution for you. At Propell, we’re in the business of helping you achieve your vision, and our Project Loans solution is just the financial helping hand you may need for your community scheme’s maintenance, upgrades, repairs and energy-saving solutions. 

How does it work? Project Loans is an unsecured revolving loan facility for sectional title schemes and HOA’s. Community schemes can draw from this fund whenever they need to and as often as they need to. Schemes can choose the best repayment option for up to 5 years and get access to funds immediately. There’s no penalty for early settlement, and schemes only pay interest for what they use. All in all, Project Loans is the ideal solution for your community housing scheme projects that require funds that you simply hadn’t budgeted for but need access to immediately. Click here to find out more about our Project Loans and how your community scheme can apply.


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