Strata building bond and inspections scheme are a type of insurance that protects your investment and your building. The strata property insurance's coverage is through a unit title insurer and the strata building bond protects the owner's interest in the common property assets, such as elevators and air-conditioning systems.
The strata building bond ensures that the strata corporation will be able to pay for the construction, maintenance, and repair of common areas in the building. You find many different types of companies that offer their services but it is easy to locate one if you know what your search term should be. To find a strata building bond and inspections scheme provider, all you need to do is type terms such as "strata building bonds" into your Internet browser.
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Strata buildings are a popular and relatively safe option for homeownership. Strata buildings are built as well as maintained by their owners, but they still need to be insured. Strata building insurance is typically done through their owner's corporation or the strata committee. There are a few things that you should look for in a strata building bond provider, including if they have appropriate insurance, what type of rates they charge, how long they've been providing bonds, and whether they're located locally.
There are a number of different types of building inspection schemes, and it is important to understand what kind of scheme you are subject to. With a strata scheme, each property in the development can be inspected by the creators. This usually happens after the first purchase or on an annual basis. In contrast, with new build societies, all properties in the society are inspected periodically. The frequency is decided by society's rules and regulations.