Water damage is one of the most common issues in condo buildings, and the vast majority of strata properties have experienced leaks at some point. While a history of water-related issues doesn’t necessarily mean a building is a bad investment, buyers should carefully evaluate not just the number of leaks but also their causes and how well the strata has handled them.
Potential Risks to Be Aware Of
Property Damage: Ongoing leaks can lead to structural deterioration, mold growth, and long-term building issues.
Financial Costs: Frequent repairs and remediation efforts can result in increased strata fees or special assessments.
Impact on Property Value: A building with a history of leaks may be harder to sell and could see lower resale prices.
Living Disruptions: Leak repairs and renovations can cause inconvenience, and in severe cases, may require temporary relocation.
Insurance Concerns: Properties with recurring leaks may face higher insurance premiums, increased deductibles, or difficulties in obtaining coverage.
How to Assess the Strata’s Response
To gauge whether a building is well-managed despite past leaks, consider:
Timeliness of Repairs: Does the strata act quickly and bring in professionals, or do issues remain unresolved?
Preventative Maintenance: Are regular plumbing inspections, drainage cleaning, and building envelope assessments conducted?
Future Planning: Does the strata have a strategy for addressing aging infrastructure? Reviewing meeting minutes, depreciation reports, and financial records can provide valuable insight.
Making a Smart Decision
Before committing to a purchase, buyers should carefully review the building’s history, understand the causes of past leaks, and seek expert advice if concerns persist.
By doing thorough research, buyers can minimize risks and determine whether the strata’s management of water-related issues makes the purchase a sound investment.
Certain details courtesy of Condo Clear Services
The data relating to real estate on this website comes in part from the MLS® Reciprocity program of either the Greater Vancouver REALTORS® (GVR), the Fraser Valley Real Estate Board (FVREB) or the Chilliwack and District Real Estate Board (CADREB). Real estate listings held by participating real estate firms are marked with the MLS® logo and detailed information about the listing includes the name of the listing agent. This representation is based in whole or part on data generated by either the GVR, the FVREB or the CADREB which assumes no responsibility for its accuracy. The materials contained on this page may not be reproduced without the express written consent of either the GVR, the FVREB or the CADREB.