Loans are often required for unexpected expenses but may also be needed to add value and beautification to a community.
Since launching StrataLoans this year we’ve identified the top five uses for strata loans. While the reasons for taking out a loan are many and varied, the top five we’ve identified are painting, balcony repairs, fire rectification, roof repairs or replacement and building defects. Depending on the size of the building and the amount of work required this may run into thousands or even millions of dollars.
There are essentially three options available to cover funding for extra work in a strata community– using the sinking fund, raising a special levy or utilising strata finance.
In this article we take a look at one of the most frequent uses of a strata loan, painting, and share some valuable tips from one of the leading painting contractors for the strata industry, Higgins.
Higgins Coatings are the preferred contractor of Strata Community Australia and are valued for their experience, support and knowledge of the industry. Here’s what they had to say:
- Always consult with professional painting contractors who will thoroughly inspect your property. The contractors will consider various factors that may affect the painting cost, including the condition of existing paintwork, the type of surfaces being painted, and the best paint to use for the job.
- Understand the overall costs. It may seem logical that the lowest-cost option would be to hire contractors to apply a cheap coat of paint every couple of years when the building visibly needs it. However, this is actually likely to cost more since the paint itself is only a fraction of the overall contractor’s charge.
- Use the best quality paint you can. A more durable product will require fewer touch ups and keep annual maintenance to a minimum.
Remember that the biggest expense for a paint job, even when using the best quality paint, isn’t usually the paint itself but the cost of labour, access, scaffolding and safety gear. Prior to embarking on a painting project it’s a good idea to think about whether there is other similar work that needs to be done which can be completed at the same time, thereby saving you costs.
See here how a strata property was able to save thousands of dollars by combining work.
StrataLoans are frequently used to fund painting for buildings, giving strata communities peace of mind and confidence that the work is being completed when it needs to be and their asset is being protected.
To learn more about StrataLoans Call 1300 785 045 or use the contact form on this site.
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