What is a Capital Works Plan in a Strata Building?

A capital works plan in a strata building is a long-term financial strategy that outlines anticipated major repairs and replacement of common property elements over a period of at least 10 years. These works typically include significant expenditures such as roof repairs, repainting, elevator upgrades, and structural maintenance—anything beyond regular day-to-day upkeep. Prepared by a qualified professional, the plan helps the owners corporation estimate future costs and determine appropriate contributions to the capital works fund (previously known as the sinking fund). This ensures the building remains safe, functional, and compliant, while also protecting owners from sudden, large special levies.