It’s the law!
Owners Corporations are required by law to repair & maintain the common property. The new legislation allows individual lot owners to sue the Owners Corporation and recover any damages suffered by an owner as a result of the Owners Corporation’s failure to properly repair & maintain the common property.
Preserving and enhancing the value of your investment
Strata Managers know that regular repair and maintenance on the common property adds value to all the individual units – ie your investment. Well maintained blocks are more attractive to buyers and tenants. If the property starts to look run-down, investors/buyers could be reluctant to buy fearing a large special levy for major maintenance work might be struck.
Preventative maintenance is cheaper in the long run
Regular small projects to keep the common property in good and serviceable order is cheaper than years of neglect, which then inevitably ends up requiring major capital works and potentially causes structural damage.
Regular small projects to repair & maintain the common property are also less disruptive and invasive than major capital works projects caused by years of neglect especially in larger apartment blocks.
Regular inspections can identify defects before they become problematic and costly
Conducting regular inspections and investigating owners’/occupiers’ complaints about perceived defects in the common property can be a time and cost saving to the Owners Corporation in the long run. Rather than ignore these issues, if taken seriously, you can avoid major expenses down the track having eliminated or remediated the problem at the outset.
It protects your building
Regular exterior painting, for example, protects your building from the elements. Repairing cracks in exterior render, will, typically prevent water ingress.
Do you have a question relating to your property or development? Contact us!
Please note that this article is provided for information purposes only and is not a substitute for professional legal advice.