Admin

HOW TO AVOID WATER DAMAGE CLAIMS WHEN BUYING A CONDO

By
Industry Observer with Retired BC Realtor

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.

 

What’s Your Home Worth Today!

 

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

 

Posted by

 

HAVE YOUR BEST YEAR EVER IN 2015 !

 Link to My web SiteTwitter Fred Carver     Find Fred on Google  Fred Carver on Facebook    Fred Carver on LinkedIn

Fred Carver on YouTube Follow Me on Pinterest  Connect with Fred Carver on Google+

Google Me Fred Carver

 

  "Selling Victoria Residential & Income Producing Properties since 1971"

 

Cheers

Fred Carver

Personal Real Estate Corporation

RE/MAX Camosun
Accredited Consultant in Real Estate®

“Recognized by ActiveRain as a 2013-2014 Top Contributor for Real Estate Blogging.”

Direct 250-598-2963   

Over 40 Years Experience selling Real Estate does make a Difference.. call Fred today to Put his 40 years experience to work for You.

4440 Chatterton Way, Victoria, BC V8X 5J2
Calling from Out Of Town? Call Toll Free 1-800-663-2121

Find Hundreds of Home For Sale in Victoria BC

Post Copyright © 2016 By Fred Carver Real Estate Corporation All Rights Reserved

Fred Carver Top Realtor Victoria BC

Show All Comments Sort:
John Pusa
Glendale, CA

Fred Carver Personal Real Estate Corporation very helpful report about how to avoid water damage claims when buying a condo.

Sep 18, 2020 08:12 PM
Fred Carver Real Estate Consulant

Thanks John Pusa Back in the 70's when strata tile condos first started getting built here, many builders and developers  were apartment builders. Back then they were hesitant to introduce water into each suite. Soon consumer demand for washing and continuious hot water demand each condo since then have all the water appliances in them, Folks going away for holidays etc and poor maintance found water easily doing damage when there are leaks, braided metal water hoses  helps and regular hot water tank replacement. What goes around comes around.


Stay Safe and have a fun and successful week.

Sep 19, 2020 06:35 AM