Property safety
Keeping safe in our daily lives is a priority that we can, at times, take for granted. When living or investing in a strata scheme, property safety should never be an after-thought. Strata committees can only do so much and quality strata management firms can only react to property safety issues when residents report them.
It is incumbent on owners to ensure they keep a close eye on the safety of their property and remedy potential hazards and dangers as quickly as possible. Electrical faults, gas leaks, or structural damage can put the residents at risk.
Maintaining regular maintenance checks, checking fire alarms and having an updated and compliant set of emergency response plans can minimise risk. Prioritising property safety, the strata scheme can provide a safe and secure living environment for the residents.
Maintaining property value
Ensuring your property is safe for yourself, your family or your tenants is a moral and regulatory obligation. You also want to add value to your investment. A building that is well-maintained and free from hazards is likely to have a higher value than a building that is suffering neglect.
Property safety measures such as regular maintenance, upkeep of common areas and adherence to building codes and regulations can help to maintain the value of the property, which can increase over time.
Strata schemes and associations that prioritise property safety can help to avoid legal liability.
In the event that a resident or visitor suffers an injury due to a hazard in the building, the strata scheme may be liable. This can lead to legal action and potentially large financial penalties. Prioritising safety protects the strata scheme but also benefits the residents by providing them with a safe living environment and enhancing the reputational value of the building.
Reduced insurance premiums and longer-term expenses
Fixed costs like insurance are skyrocketing and repair work is becoming increasingly more expensive with long wait times for major works due to staffing and material shortages.
Many insurance companies will consider the safety and condition of a building when offering insurance coverage. Safe, well maintained properties are less risky and come with reduced insurance premiums, saving owners considerable money.
Properties that are unsafe eventually need major repair work. This is more than just an inconvenience and expense. In the current climate, major repair and renovation work is experiencing much longer wait times due in part to staff shortages and the lack of available materials. The cost for major works is also blowing out for the same reasons.
Remaining diligent with property safety helps to avoid major structural and safety issues later on. Property owners don’t want the cost and amount of time repair work can take to catch them out or surprise them.
Compliance and peace of mind
Diligent property safety measures can help to ensure compliance with by-laws and regulations related to safety and security. This is an important element of community living and being part of a strata scheme. It develops healthy and harmonious relationships with your neighbours or if you rent out your property it encourages great tenant and landlord relationships.
The financial reasons alone are motivating enough and maintaining quality property safety gives you added peace of mind. It illustrates that you are a responsible property owner and that you care about the safety of yourself, your family, your tenants and your neighbours.
This harbours a beneficial lifestyle choice and keeps your property well valued, looking its best and safe to be around.
It is our job at ASSM to assist in ensuring your strata scheme runs as smoothly as possible. When you are thinking of buying into a strata scheme or are looking to engage a professional and qualified team, contact ASSM today and experience the difference that 40 years of successful strata management will make.
