I know that some of you will be going - WOW that is a lot for our Sinking Fund
So now I will talk about a duplex pair as these are similar ages, similar sizes and requiring similar work to be done

Insurance for the pair is $2,500 - you may get it cheaper if you are lucky, but I will use this figure for now.
Pest Inspection twice a year $600 as this should be done regardless of being in a body corporate or not.
Repairs and Maintenance $1,000 - this is a minimal figure and will only be for the outside.
Total $4,100 or $2,050 per side. Sure, this is a saving of $783 per side over the two-bedroom unit, but let's look at the difference.

I have been driving around and looking at all our properties and let me tell you that the outsides are starting to look tired and need some work done to them. If they are in a body corporate it is easy, get the quotes, pass it via the committee and get the work done. The money is there sitting and waiting for the work to be done.

On the other hand, if it is a property not in a body corporate - the owners must find the money to get this work done. If you happen to live in Cairns and can do this work, then this is a good thing and you can save the money. If you don't live here, then we must get someone to do the work. Now, I can get this done and the prices are pretty good, but my big concern is when the economy does take off this is going to change - and quickly.

Other things to consider:

  • You haven't upgraded or done anything to the gardens. You are relying on the tenants to do this for you - green thumbs are not normally present when it comes to tenants
  • I have only allowed $1,000 maintenance, and this isn't going to get a lot done
  • If something goes wrong with the plumbing this hasn't been allowed for
  • If something goes wrong externally - this hasn't been allowed for
  • The outside of the house and the paths haven't been cleaned, and after a wet season like the one we are having let me tell you the mould is growing as you watch
  • The gutters and down pipes haven't been cleaned out.
  • There is no money sitting in reserve for the jobs that are going to need to be done - fences, gutter replacement etc

 

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