Let's get organized ...
28/04/10 04:37 Filed in: Cost
I think quite a number of us are in the same predicament. Because we signed up a Tenancy Agreement we are at [Fulbright’s] mercy. $15,000.00 for the refurbishment of a 1-bedroom Apartment with the items mentioned is way way too expensive. Surely there is a legal recourse to this if we can prove that the costs are too excessive? We should get ourselves organized and discuss and agree to how we tackle Fulbright on this matter. Perhaps this Blog can initiate this.
Yearly inspection ...
26/04/10 05:45 Filed in: Inspection
As an apartment owner leased to the hotel, we would strongly recommend that other owners make appointments to view their apartments at least on a twelve month basis. We have noted a replaced tile to bathroom floor is unmatched and tile around bath tap cracked.
[Of course, a yearly inspection may not be so easy or convenient for overseas owners.]
[Of course, a yearly inspection may not be so easy or convenient for overseas owners.]
Discounts for staff
Regarding the last refurbishment, staff were offered new furnishings at special prices. For example, when owners paid $2395 for a 30” LCD TV, staff were offered the same set for $2090!! The same occurred regarding the 2-seater. Owners had to pay $700, but staff were offered the couch for $620!
[The business of refurbishment means owners pay more than they need to for their own goods and chattels, and in some cases for goods that they may not want, or could have acquired much more cheaply.]
[The business of refurbishment means owners pay more than they need to for their own goods and chattels, and in some cases for goods that they may not want, or could have acquired much more cheaply.]
The last refurbishment ...
24/04/10 06:05 Filed in: Cost
I have had so many disputes with Fulbright over the years and find them rude, unreasonable and impossible to deal with.
I had major dispute during the last renovation and was unhappy with the job they did on ours.
I asked for the quotes because it seemed apparent that we were well overcharged for many items.
I was told it wasn't to be supplied and they refused to justify the pricing.
The [price of the] enamel bath coating were excessive as were the price of the TVs etc.
I had major dispute during the last renovation and was unhappy with the job they did on ours.
I asked for the quotes because it seemed apparent that we were well overcharged for many items.
I was told it wasn't to be supplied and they refused to justify the pricing.
The [price of the] enamel bath coating were excessive as were the price of the TVs etc.
Blank cheque?
22/04/10 18:25 Filed in: Cost
After reading this blog, I have just had my first good look at my Fulbright lease
for many years. It includes the following:-
Fulbright may after the expiration of seven years from the last refurbishment
give me notice that the premises requires refurbishment and will provide
estimated cost including:-
1. Details as to paint requirements.
2. Details as to whether the carpet needs to be replaced.
3. Which chattels and fixtures and fittings must be replaced.
And if I fail to approve the refurbishment my rent will be suspended.
I am embarrassed to admit that I have not read the detail of my Fulbright
lease until now and I am very concerned that I may receive no rent for more
than a year.
The clause that worries me most is number 3 because there does not appear
to be any restriction at all on how much money this could cost me –
LCD televisions, microwaves, dishwashers, refrigerators, stoves, ovens, toilets,
instantaneous hot water systems, rain showers? How much does all that cost?
How many other items could be classified as chattels and fixtures and fittings?
Have I signed a blank cheque to Fulbright?
for many years. It includes the following:-
Fulbright may after the expiration of seven years from the last refurbishment
give me notice that the premises requires refurbishment and will provide
estimated cost including:-
1. Details as to paint requirements.
2. Details as to whether the carpet needs to be replaced.
3. Which chattels and fixtures and fittings must be replaced.
And if I fail to approve the refurbishment my rent will be suspended.
I am embarrassed to admit that I have not read the detail of my Fulbright
lease until now and I am very concerned that I may receive no rent for more
than a year.
The clause that worries me most is number 3 because there does not appear
to be any restriction at all on how much money this could cost me –
LCD televisions, microwaves, dishwashers, refrigerators, stoves, ovens, toilets,
instantaneous hot water systems, rain showers? How much does all that cost?
How many other items could be classified as chattels and fixtures and fittings?
Have I signed a blank cheque to Fulbright?
Missing upgrade inventory
17/04/10 12:04 Filed in: Cost
I own an apartment leased to Fulbright and I believe the date of my next refurbishment is approaching. The cost of my previous refurbishment was about $14,000 but Fulbright did not provide me with details of each replaced item — they simply advised me that this was the general cost for refurbishment of a one bedroom unit.
My questions are these:
My questions are these:
- Did every owner pay the same refurbishment cost for a one bedroom apartment?
- Did all the owners receive a clear detail of each item replaced?
- Do all the apartment owners believe the cost is justified?
- Do all apartment owners get the correct rental increase according to Melbourne CPI every financial year?
Media Release
17/04/10 08:30 Filed in: Media
Extracted from a recent media release
The current Grand Hotel refurbishment program is costed at about $15,000 to $20,000 per
apartment.
The Grand Hotel operates by private agreement between the hotel and apartment owners:
• the hotel pays day-to-day operating expenses
• the apartment owners pay for capital improvements
The current refurbishment includes the following energy-efficient capital improvements:
LCD televisions
microwaves
dishwashers
refrigerators
stoves
ovens
toilets
instantaneous hot water systems
rain showers
Some thoughts ...
The removal of bathtubs in favour of rain showers reduces the amount of time taken to
prepare rooms.
So, who benefits from reduced day-to-day operating expenses and reduced time taken to
prepare rooms?
And who pays $20,000 for the capital improvements that deliver those reduced day-to-day
operating expenses and reduced time taken to prepare rooms?
The current Grand Hotel refurbishment program is costed at about $15,000 to $20,000 per
apartment.
The Grand Hotel operates by private agreement between the hotel and apartment owners:
• the hotel pays day-to-day operating expenses
• the apartment owners pay for capital improvements
The current refurbishment includes the following energy-efficient capital improvements:
LCD televisions
microwaves
dishwashers
refrigerators
stoves
ovens
toilets
instantaneous hot water systems
rain showers
Some thoughts ...
The removal of bathtubs in favour of rain showers reduces the amount of time taken to
prepare rooms.
So, who benefits from reduced day-to-day operating expenses and reduced time taken to
prepare rooms?
And who pays $20,000 for the capital improvements that deliver those reduced day-to-day
operating expenses and reduced time taken to prepare rooms?
Introduction
16/04/10 17:17 Filed in: Moderator
Welcome to the blog for owner–investors ... the blog that you asked for.
Please send your thoughts for blog entry using the form here. Thoughts will be posted in the blog for all owners to read and provide feedback and/or stories of their own experiences regarding refurbishment. Categories include cost, personal and dates.
Please note that submitted thoughts are subject to moderation.
Please send your thoughts for blog entry using the form here. Thoughts will be posted in the blog for all owners to read and provide feedback and/or stories of their own experiences regarding refurbishment. Categories include cost, personal and dates.
Please note that submitted thoughts are subject to moderation.