Getting a deferred payment painting contract is a great way to make payment terms easier on bodies corporate. However, there can be downsides if it’s not studied properly. “The big attraction is the payment scheme. Instead of one lump payment or a series of progress payments leading up to the completion of the work, payments are broken down into smaller portions and spread evenly over a number of years during which follow-up maintenance work is carried out,” this article from Look Up Strata reads.
While it can look like you’re getting huge bargain in the beginning when the initial work is being done, the less intensive maintenance work in the following years would make it look like you’re overpaying. This might make it harder for bodies corporate to raise cash for it.
We at Vertical Living Magazine can definitely recommend this insightful article as it offers expert opinions. It’s definitely worth the read if you’re looking to keep your strata apartments in tip-top shape.