Is your complex safe for living? At first glance, most people would say it is. But sometimes problems arise in a strata complex that no one sees coming.
Every Australian property owner wants and deserves to live in a home that is built and maintained according to the country’s laws and codes. At QBM, our comprehensive strata services help ensure this happens. We make certain that your complex is properly insured, fire-safe and sufficiently maintained. We also ensure that the right amount of money is set aside to ensure repairs and renovations are done to a high standard and within a timely manner.
How do we help you get there? A few of our extensive strata services include helping you obtain the right insurance valuation, helping clients build a sinking fund, and addressing safety issues through building inspections. Just like you, we want your home to be well-maintained and lawfully up to Australian standards. Read on for a bit more about the services we offer.
At QBM, our strata services include comprehensive strata insurance valuations. In most areas of Australia, it’s recommended that you obtain an insurance rebuild valuation every 5 years. The specific laws around this can vary from state to state and our services can help guide you.
An insurance valuation is a report carried out by a qualified insurance valuer that reviews the body corporation’s corporate site. This report determines what the full replacement value of your building is. It’s important to know that this valuation does not include the value of the land but rather covers the structures on your property.
Are all insurance valuations the same? No, they are not. This type of valuation is often based on market appraisals or last year’s valuation. The problem is that these approaches can leave you with inaccurate numbers, insufficient coverage and overpaid premiums.
A proper insurance valuation should be based on the cost of replacing your building, not simply its market value. This valuation should include elements such as your current building costs, an allowance for cost escalation, fees, the cost of debris removal, and more. At QBM, we provide you with the best in Gold Coast insurance valuations as a part of our comprehensive strata services. You’re in good hands! With us, you reduce your risk of paying for out-of-pocket expenses that should ultimately have been covered by a quality insurance policy.
What is a sinking fund? A sinking fund is money set aside by the owner’s corporation of strata buildings in Australia to cover the ongoing costs of repairs, renovations and maintenance to the property’s common areas. This can include having funds to cover expenses such as painting, a new roof, or lift repairs.
Strata schemes are required by law to have a sinking fund in place that forecasts costs for the next ten years. Money can be raised in various ways, either through contributions from owners on a monthly, yearly, or quarterly basis, for example.
Having a properly managed sinking fund is essential to maintaining a safe and structurally sound property. QBM recognizes that planning and organizing your complex’s sinking fund can be a complicated process! A Brisbane sinking fund needs fine attention to detail. We provide you with guidance to ensure your complex has the funds it needs to meet legal and upgrade requirements, as well as general maintenance needs. No stone is left unturned!
Safety is paramount. To ensure your complex is safe for contractors and other workers, your property is required to undergo a routine safety inspection. When you have work done on your complex it is your responsibility to ensure that potential hazards are identified. This can minimize your liability if a worker injures themselves on the job. How can you cover your bases?