It is hard to know when the right time to paint your complex is. Do we paint now? or later? It is tempting to wait a bit longer to try and get the longest possible life span out of your paint job. However, there are several factors which prove that waiting can actually cause you more money.
Here are the reasons why you should paint now and not later:
Queensland Elements
We live in a harsh climate especially when it comes to paint coatings. Queensland is known for it’s sunny weather but also its intense storms and rain. We can have downpours of one month’s average rainfall in a single afternoon. Our weather is unpredictable, intense and harsh to say the very least. If a rendered wall gets wet, you can see it changes colour. A square metre of render can weigh as much as 100kg extra. A 10×10 metre rendered wall now weighs an extra tonne, which is then dried again by the sun in 20 minutes. The weighing down and then relief creates an effect of expansion and retraction on rendered/brick and concrete walls, which is very stressful on the structure. This is just one example of how our weather can impact a building’s coating.
Preparation
A paint job is only as good as the preparation involved. As a paint job is delayed, the building’s substrates deteriorate. In turn, increasing the amount of preparation involved. To break it down, a paint project is 10-20% materials cost, and 80-90% labour cost. More preparation and painting therefore increases a paint projects cost significantly. For example, if a project costs $50,000 in 2016 it could very well cost $60,000 in 2017 or 2018. This is a 20% increase in price in a calendar year. It is not the labour or material which increases (these are inflationary in nature i.e. 2.5-3%); however due to the deterioration of the building the subsequent preparation and painting work required increases.
Protect & Maintain
As a Body Corporate is a shared asset, it is essential to ensure it is protected and maintained to allow the asset to increase in value and not deteriorate. This asset can usually be the largest asset in a person or family’s life; so the importance of its value and performance is crucial. This is one very important reason as to why a paint job should be done sooner rather than later. Preparation and painting can protect the building from deterioration and by maintaining it’s appearance can dramatically alter its value.
Aesthetics
Everyone wants to live in a nice environment and when your building is looking neat and well looked after it reflects highly on the body corporate and therefore the worth of the building. Going home each day to a good looking premises, as opposed to one which is left to deteriorate can dramatically affect your mood, happiness and wellbeing. A good looking building also appeals to renters and therefore can ensure your rental return is maximised.
Money
As discussed above, the longer you leave a paint job, the more money it will cost; largely due to preparation and weather elements. This has to be one of the biggest motivators to paint your building sooner rather than later, as no one wants to waste money. We deal with a lot of body corporates and over the years have found that sometimes sinking funds aren’t healthy enough to pay for the paint job that the building requires. This is why we introduced our maintenance and repayment plans. Our plans allow CTS Schemes for those who do not have the money in their sinking fund to lock in the current price and pay it off over several years. Here are the details of our maintenance and repayment plans
We would recommend painting sooner rather than later, as it will reduce the cost of preparation and deterioration, and ensure your building is well maintained and aesthetically fit for current owners and future investors. Painting now is a great way to protect one of your largest assets. To view our Body Corporate Portfolio click here
