When you begin the process of building rectification, more than the physical appearance of your property improves. Strata Managers and Owners should be aware of the benefits that can be gained through immediate action.
CAPITAL GROWTH OF THE PROPERTY
Capital growth is the increase in value of your property portfolio over time, and this can begin growing as soon as you decide to get a building report done with us. Showing owners and also potential investors that the property is in the process of fixing any issues and improving its foundations can demonstrate that the Owners Corporation is active and dedicated, and also reflects well on the Strata Manager in terms of organisation, and financial expertise.
Once the works are complete, your property's capital growth will have increased and this has many beneficial effects in itself. If the works are begun as soon as possible, rental income for the property will increase in direct proportion to the increase in capital growth of the property. Not only will this improve, but the strata insurance fees can decrease because insurance companies acknowledge that the Owners Corporation is working to fix the building issues and usually respond accordingly by lowering their premiums.
In a climate where it is estimated that building costs increase by as much as 10-15% a year, acting promptly will also save you money. When major work is needed on a strata property, it can place unwanted stress on strata managers and property owners alike. Yet neglecting the work can lead to far greater problems and is usually not an option. Getting it done now will be saving you money in the long-term by preventing worsening of the issue, and reducing building costs.
Beginning works is beneficial not only for Strata Managers and Owners, but our Building Consultants, Engineers and Project Managers all benefit too because the work is being done and therefore we are managing the process more effectively, getting paid, and completing the project within the time-frame set out. It's a win-win situation because our desire to get the job done helps you receive these benefits sooner!