A new strata property comes with time-limited warranties for any defects that may occur.
As seen in the Opal Towers and Mascot Tower incidents, fixing defects in Strata properties can be costly and time-consuming.
In all new buildings, defects are expected. However, it is important to identify the defects early to ensure they are covered by the building’s warranties.
Spotting a building defect may sound complicated, and if you don’t know what to look for it can be.
One of the most effective ways to ensure your Body Corporate are covered against any defects that may occur is to obtain a building defect report. Engaging a professional is a safe way to ensure any defects are detected.
The benefits of this report are that Bodies Corporate can pass on the report to the builder for them to address the defects if the scheme is less than six years old.
If you are buying off the plan, it is a good idea to research the builder and the developer. Researching previous projects can give you insights to any issues that have occurred in previous developments.
If you are buying an established lot, you should have a building inspection done as well as conducting a Body Corporate records search.
If you are buying into a scheme that is already a few years old, many of the defects that are likely to occur may have already been dealt with. If any major defects were likely to occur in the building, it is most possible that they would have already risen within this time period.
Throughout our many years in the industry we have seen the consequences of poor maintenance standards that have resulted in buildings being not cared for properly, and in turn, losing value and serious problems occurring.
Failure to ensure your property is properly maintained can lead to large amounts of money being spent in emergency repairs. If your property is not properly maintained, if any faults occur it may be harder to differentiate if the defects are from development issues or if they have stemmed from poorly maintaining the building.
If your Body Corporate have not obtained a building defect report or are concerned about how your scheme is currently maintained, click here to contact StarBMS today.