Strata Building Bond is a new construction process that uses computer-aided design and technology to reduce the risk of completing complex buildings in the most efficient way. This construction strategy can cut down the time of each stage of a building project by up to 60%!
The strata building bond & inspection scheme – Archi-QS was introduced recently in Australia to protect the interest of the strata owners. It allows them to pay for the cost of unforeseen or emergency work. The strata building bond is a security deposit that is collected when a new strata complex is built. The funds are then invested on behalf of the owners by an independent trustee for each property and the profits are shared among the owners in proportion to their percentage of ownership.
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Strata Building Bonds allow the property owner to raise money from the individual unit owners to fund large construction projects. They are a way for developers and property owners to avoid raising rates or fees on every unit owner, which would be unaffordable. Strata Building Bond is a wall of protection that protects the property against damage caused by construction work.
Property owners can cover the cost of their project with a Strata Building Bond, giving them protection and peace of mind while they are busy doing construction. When building a new home or business, it is often necessary to construct the building on a foundation, and then add the roof or other parts of the structure after it has been built. This can take time and be very expensive to do. A way around this process is to have your strata apply for a Building Bond that will cover these costs for you.