New Zealand Homeowners Face $32.8M Repair Bill

Residential property being repairedThe second most expensive residential property repairs in New Zealand could amount to $32.8 million due to several reasons.

The repairs concern the Mountain View Apartments complex in Auckland, where inspectors discovered leaks and structural problems, as well as fire-safety and electric-related work. Most of the bill comprises $26.3 million of construction costs.

The residential complex’s owners, however, could end up not paying the entire amount, as taxpayers would shoulder $7.8 million due to the Government’s Financial Assistance Package.

Business Losses

Some of the major renovation projects required for the apartment complex include working involving upgrades for structural strength, new roofing and cladding, according to Stuart Wilson of project manager Maynard Marks. It will also require “extensive passive fire remedial works,” Wilson said.

The level of necessary repairs has incurred losses from rental revenue for unit owners, including Paul McCormack, who owns an apartment there. McCormack stated that he lost an estimated $50,000 due to the uninhabitable state of the property.

The case represented a clear example of why doing maintenance checks to your residential property will spare you from huge costs.

Electrical Wiring

The cost of repairing Mountain View Apartments will also cover plenty of electrical work. Each homeowner should make it a habit to check for faulty wiring, proper grounding and the correct amount of insulation.

Another option involves hiring an expert to do electrical testing in Wellington or Auckland, a service offered by firms such as Adam Tulloch, depending on your residential area. They will help you in identifying whether or not you live in decades-old homes, which have outdated electrical systems.

Homeowners can avoid paying a hefty amount for repairs by routinely checking for potential issues. Maintenance work also allows them to be proactive in preventing damages to their property, which could lead to more serious and costly problems in the future.

Posted on by Tsfp6 in Money Times

Comments are closed.