Investor Arthur Panos learned in September that he, along with other owners of the four apartments in a building in Sydney’s inner west, would have to fix the waterproofing of the largely problem-free property. The bill? $500,000.
The NSW Design and Building Practitioners Act 2020 imposes obligations on apartment owners to follow tougher repair requirements, such as appointing a licensed practitioner for repairs that cost more than $5000.
But Owners Corporation Network executive director Karen Stiles, an advocate for strata owners, said Mr Panos’ situation showed the complexity behind fixing up defective buildings.
“There’s no denying it’s caused many owners a lot of pain. But the flip side is the work is done once, properly. And they won’t have to face repeated failures and fixes. Especially in the waterproofing space,” Ms Stiles said.
“The act has brought much more rigour to the construction of new apartment builds. This reduces the possibility of avoidable defects. So it’s good news for purchasers. A dollar spent on preventing defects saves owners a hundred dollars later trying to fix them.”
Read full article:> https://www.afr.com/property/residential/apartment-repair-laws-create-extra-burden-for-owners-20240930-p5keo6
