HOW TO AVOID WATER DAMAGE CLAIMS WHEN BUYING A CONDO
Thank you Fred Carver Personal Real Estate Corporation for your original blog.
HOW TO AVOID WATER DAMAGE CLAIMS WHEN BUYING A CONDO
AS THE SAYING GOES ….WHAT GOES AROUND COMES AROUND..
Back in the early 70’s when Condos started to show in the real estate market as new affordable housing. Many Victoria Builders and Developers started building condos. Some of these Builders had years of building multifamily rental apartment buildings.
They soon discovered the New Condos needed more than what an Apartment suite style Condominium offered.
Suite sizes,needed to be larger that a rental building as many Condo buyers were downsizing from a Single family home
Insuite Laundry was soon offered but with hesitation due to added costs and worry of adding a water appliance into a multi story building.
Hot Water Tanks were finally added in these New Condo units, as central hot water wasn’t always adequate especially when more hot water demand with more bathrooms, insuite laundry and then dishwashers.
Fast forward to present day. We’re seeing Insurance rates skyrocket partly due to Water Damage claims with Strata Build Buildings ie Condos.
Insurance companies are mostly raising insurance rates often due water damage claims mostly from Insuite appliances.
Condos have potential future Insurance claim liability .Especially with insuite Hot Water Tanks, insuite Washing Machines and in some cases from built in Dishwashers. Water leaks from these appliances often enter into other neighbouring condo units below and beside them, causing very costly damage.
I recommend Victoria area Condo home buyers should strongly consider looking for a condo with a central common laundry area and a central domestic Hot Water supply in a strata complex. Hence reducing the risk of potential water insurance claims from an owner's suite, as repair costs to an owner can be extrangent.
As the 1970’s condos started to be available some builders stayed with a central Domestic Hot water Supply and common Laundry.
One of my Developer Builder Clients put the laundry on each floor in a complex just in the hall area near the suites and stayed with a central domestic hot water system for the whole building.
To minimise possible water damage claims in your new home I’m suggesting you shop for a Condo with hot water and laundry outside the suite you are buying. There are still some Condo Buildings out there around Greater Victoria without insuite hot water tanks and washing machines..
I currently have a two bedroom Condo listed For Sale in Fairfield with a common laundry room and central domestic hot water supply. Plus there are other Condo Buildings available around Victoria, BC. By Purchasing one of these older style condos you can avoid owning a Condo in a strata complex in Victoria BC that may have potential Water Damage and Insurance Claims.
SOURCE: HOW TO AVOID WATER DAMAGE CLAIMS WHEN BUYING A CONDO
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