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Here is another interesting Wellington real estate related news article that we thought may provide you with helpful information.



by Geraldine Murphy
Following last month’s public meeting of residential owners in earthquake-prone buildings, Inner City Wellington has launched an online petition on Parliament’s website calling for the Government to provide comprehensive financial, technical and advisory support interventions for residential owners.

At the public meeting, owners were presented with the results of a survey of 13 earthquake-prone buildings. The results reinforced what many owners already know – the costs of compliance are substantially higher than MBIE’s costs in its policy work, and the pressure on the owners of private apartments is significant. Yet this compliance burden on residential home owners is to achieve public safety outcomes.

There is no support to help residential body corporates or other multi-owner structures progress through large, complex engineering and construction projects.

MBIE are working to implement the Financial Assistance Package announced in the Budget, which is targeted to a small group of owners.

We know that tax relief for seismic strengthening costs is in IRD’s work programme, with the outcome expected later this year. But more is needed.

We encourage you to sign the petition. Included in the package of interventions being called for is an authoritative assessment body to remove the variability of seismic ratings, a technical and advisory service to help owners progress, retrospective compensation for use of private funds and loss of value, loans and an insurance guarantee for strengthened buildings.

The need for this support is hitting Wellington owners now.

But it will also impact residential home owners around New Zealand who own and live in buildings that fall within the criteria set out in the Building Act 2004.

If you own an apartment in a building that is two or more levels high and three or more households, it could be identified as potentially earthquake prone. If this happens, you and the other owners in your building will need to obtain engineering assessments to confirm whether your building is or isn’t earthquake prone. If your building is earthquake-prone, you will be given a deadline by which time your building has to be strengthened or demolished, based on the seismic risk zone you live in.

Launching this petition is one of the……….

Continue reading this article at the original source from Scoop Wellington





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