The Cost of Not Maintaining Your Property

The Cost of Not Maintaining Your Property

Many owners do not understand that consequences that come with not maintaining the common property of your building to a high standard.

Throughout our many years in the industry we’ve seen the consequences that comes with a lack of planning combined with a poor standard of maintenance that results in buildings being not cared for properly, and in turn, losing value.

Failure to invest in a maintenance plan can lead to:

  1. Large amounts of money being spent in emergency repairs
  2. The risk of work done to a poor standard and,
  3. The cost and time of rectifying work carried out by unsupervised contractors.

These factors can lead to a rapid decline in the condition and cleanliness of a property. Rectification of these issues is often a costly endeavor for the Body Corporate.

Decreasing the Value of Your Investment

A poorly maintained property can have significant implications for owners when it comes time to sell your property.

While your lot may be in pristine condition, if the common area of your building is of a poor standard, the value of your property decrease.

Buying an apartment is a package deal. You need to sell the common area as well as your lot.

Emergency Repairs

You wouldn’t put off servicing your car until the engine breaks. So, why do so many Bodies Corporate put off servicing their building? Deferring maintenance to your building comes with a cost.

As an example, the annual fee to service a carpark gate is significantly less than the cost of replacing the gate. The cost to service is divided by all owners in the building. If your Body Corporate decides not to service the carpark gate and it breaks, your Body Corporate will be up for a very large bill. Not only is this a costly process but it is also a huge inconvenience to all residents.

Equipment Maintenance

Performing routine maintenance on the equipment at your scheme will maintain the equipment’s efficiency. If you do not properly maintain your equipment, the efficiency will decrease and in turn lead to a short life expectancy.

This will create a costly process for your Bodies Corporate as they will need to replace equipment frequently.

What can you do to avoid these situations?

Performing routine maintenance on the equipment at your scheme will maintain Star BMS reduces the risk of poor-quality maintenance and improves the value of your investment.

Over the years, we’ve identified the highest quality service providers such as fire services, air conditioning and lift specialists, security, cleaning and ground maintenance companies. We work closely with, and use the collective knowledge and expertise of these companies, to benefit the property owners and tenants of buildings we manage.

We ensure:

  1. All contractors perform to the required standard
  2. All maintenance matters are attended to promptly, and
  3. Your property is always presented in excellent condition

If you would like to know more about how Star BMS and its comprehensive range of services can improve the value of your property, contact us today to discuss your requirements.

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