Rising construction costs are starting to affect building maintenance
The steep increase in construction costs is not only affecting the price of new apartments, but is also starting to have an impact on the maintenance of existing residential buildings in Japan.
Whether you are an investor or home buyer, it is essential to take care when choosing a property to make sure it has been properly cared for and will be maintained in the future. This is something that many buyers overlook.
A poorly maintained building is more likely to lose value over time, and deteriorating equipment could have a negative impact on your day-to-day life. While you will have direct control over the maintenance of the interior of your apartment, the common areas fall under the management of the owners association.
There have been several cases now where condominiums have not had enough money set aside in their repair fund to cover scheduled building maintenance. In some cases the owners associations had no choice but to delay any repair and maintenance work not deemed to be absolutely necessary.Read more