Maintenance Cost

My (all oldish) properties has the highest maintenance fee in the first 2-3 years...
Let's see.. For big items 1st IP - gutter replacement, HWS replacement, gas pipe broken, rotting 1x2m wooden floor. 3rd year now and hasn't giving me maintenance issues (fingers crossed never ever)

The other one - total toilet/ sewer pipe replacement $4.5k (and I between plumber clearing clog X 300 each), switchboard upgrade 1k, TVs aerial fix, spotlight fix, broken window as someone tried to break in

Now - bathroom leak, ruined carpet, looking into 10k

 

Thanks Perthguy. I've got to say, I'm already wishing I'd bought something lower maintenance and higher yield. This thing is going to cost one heck of a lot of money just to hold on to for a long, long time. Sometimes I am not very clever at all...

 

Yup. I reckon I'll have to do a lot of those things in the next year or two. So far I've had to:
- Dry the shower wall, seal, and retile
- Buy a new window blind
- Repair another window blind
- Fix a leaking pipe outside and underground
- Replace the tiles that were broken when fixing the pipe
- Replace a broken outdoor lamp
- Fix a broken faucet
- Fix a broken exhaust fan
- Fix a whole bunch of small internal structural issues (gaps in skirting, broken skirting behind refrigerator, etc)

Dang.... what next?

 

Hopefully nothing big!

 

Yes that is correct way to do it . Pretty well everything wears out and it all cost money. Best calculation is to add the replacement cost to the maintenance ...if your period of review is lengthy (say 20 years) and your tenant spread large (say 100 tenants) you will get a good average.
Overall 1pc of asset value seems about right

 

When you say ...
Should have chosen a lower maintenance higher yield
What NET yield do you get and what did you think you could have got?