One of the biggest cost centres in owning property is maintenance.
Management and finance can also take up a significant part of your budget.
Maintenance accounts for 50 to 70 percent of the cost of running a building.
It may not seem like it, but major maintenance will skew the average over time.
While the figure might seem a bit steep, it’s worth spending because it saves you from continuously fixing small faults which could cost even more over time.
Maintenance includes, waterproofing, painting, lifts, piping, driveway paving and flooring etc.
If done properly, waterproofing can last up to five years while paint may need a new coat after eight-10 years.
If you can do away with one or more of the maintenance items, it is a huge boost to net income.
Non-painting exterior (concrete), no maintenance roofs such as Harvey tiles dramatically reduce the maintenance bill.
When designing new buildings in the commercial sector the lowest possible maintenance should be the aim, either by conventional means or by using innovative building materials.
The cost of these alternative materials is not necessarily more expensive.
In developments that I am involved in we are looking at Harvey tile roofs, artificial marble clad exteriors and floors, unplasticised polyvinyl chloride (UPVC) or aluminium windows.
Not only do we save on maintenance but we dramatically reduce energy costs at the same time.
UPVC is a low-maintenance building material.
It is an ideal substitute for painted wood, often used for window frames and sills.
UPVC has almost entirely replaced the use of cast iron for plumbing and drainage, particularly for waste and drain pipes as well as guttering and downpipes.
It is a cheaper and durable alternative to the more expensive hardwood timber and aluminium.
- Mike Spencer is the founder and owner of Platinum Global. He is also a professional associated property valuer and consultant with work across the country as well as Eastern Europe and Australia.
