With property prices appreciating at record levels, not surprisingly, real estate is piquing the interest of many who haven’t traditionally invested in bricks and mortar.
Latest stats show building is booming in our neck of the woods. And you don’t need to take too long a Sunday drive to see new homes of all shapes and sizes popping up everywhere – a trend fuelled no doubt in part by the current bargain basement interest rates.
After years of leaky home horror stories, leaky shower nightmares have recently sprung up in the media. According to reports, as older-style acrylic and stainless steel trays have given way to on-trend, fully-tiled showers, some homeowners are facing huge water damage and significant repair bills due to poor waterproofing.
Subcontractors owed money are to get better protection for payment for work done in changes to the Construction Contracts Act approved by Government, Building and Construction Minister Dr Nick Smith announced.
From 1 March 2012, most design and building work on residential buildings can only be carried out or supervised by people licensed under the Building Act 2004. This means that the standard vendor’s warranties in a sale and purchase agreement may have to be amended.
