My 110k fitout contract with the builder was signed hurriedly by myself with no solicitor involvement. Simply because I was in a hurry for them to start as my eviction date looms closer.
Opinions on my situation
- Thread starter china
- Start date
My 110k fitout contract with the builder was signed hurriedly by myself with no solicitor involvement. Simply because I was in a hurry for them to start as my eviction date looms closer.
Good luck with that
A bank cheque usually means going into a bank to get a cheque written and paying $5-10 or so for this. You need to check exactly who it needs to be written to. And this is different to just writing a cheque from your cheque book.
Not too sure on that sorry, I usually do what my solicitor/conveyancor suggests on this.
I used to feel reasonably financially secure but this whole office relocation business has left me feeling financially and emotionally assaulted.
The costs are starting to build up and
Property purchase 245000
Conveyancer 2000
Stamp duty 7095
Fitout Deposit 10000
Fitout payment 120000
Furniture 10000
Computer fitout 23000
Phone/internet cables 7000
Signage 2000
Insurance 1580
SMSF setup costs 5000
Removalists 500
This is going to cost about 430k and I am sure that I must have missed some costs. Not to mention lost business during relocation.
On the plus side, I am going to be the tenant of my smsf in the new office, paying myself $550 per week and if I can find one other tenant also paying $550 per week plus outgoings, then the 430k investment should yield a gross rental return of $1100 per week. The strata fees and council rates come to about 20k per year which means a net yield of 8% per year if I can find a tenant to share my new office.
The costs are starting to build up and
Property purchase 245000
Conveyancer 2000
Stamp duty 7095
Fitout Deposit 10000
Fitout payment 120000
Furniture 10000
Computer fitout 23000
Phone/internet cables 7000
Signage 2000
Insurance 1580
SMSF setup costs 5000
Removalists 500
This is going to cost about 430k and I am sure that I must have missed some costs. Not to mention lost business during relocation.
On the plus side, I am going to be the tenant of my smsf in the new office, paying myself $550 per week and if I can find one other tenant also paying $550 per week plus outgoings, then the 430k investment should yield a gross rental return of $1100 per week. The strata fees and council rates come to about 20k per year which means a net yield of 8% per year if I can find a tenant to share my new office.
Once the relocation is finished I reckon you will be searching for more commercial properties!
(In our residential experience, we went through lots of headache doing a renovation and we thought we may not do again at that time! But once finished, the returns were good and we began to search for more.)
(In our residential experience, we went through lots of headache doing a renovation and we thought we may not do again at that time! But once finished, the returns were good and we began to search for more.)
Is the $550 pw market rent for the area?
Next CIP will make even more money as you will know more.
How come $23k for computers? Don't you only have 1-2 computers?
Next CIP will make even more money as you will know more.
How come $23k for computers? Don't you only have 1-2 computers?
It feels like a painful eternity, some sort of hell brought forward to torture me.
This first week, the builders have just been doing their demolitions. There is still going to be another five weeks of building to go, being perilously close to my eviction date in mid december.
I am in the process of getting quotes for someone to do the cabling for phone and internet and set up phone systems.
I received one quote for 7k plus ongoing costs for phone hire. I think this must surely be over the top. I would have thought that someone can just do the cabling and I could buy the phones and then I would have my internet and phone account with telstra.
Anyone know of a good cabling/phones/communications company based in Northern Sydney/Central Coast experienced and reliable in office fitouts?
$550 per week plus outgoings is the market rent for the area. It is what I am currently paying at the place where I am being evicted from. My office will have three consulting rooms and I will only occupy one of them.
The 23k covers three desktops each with 24 inch screens, one laptop, one server, one scanner, one printer, one fax machine, installation, antivrius, anti-surge, microsoft software, operating systems,
My understanding is that this is a reasonable price but what is unreasonable is that he wants to charge me 360 per month in an ongoing maintenance program.
Renting out those 2 rooms could be a nice money spinner then
$360 doesn't sounds too unreasonable but it depends on what it covers. You could just rely on adhoc support when something breaks or you can enter into such deal which should do proactive support to reduce things breaking,
Thank you. I will call him for a quote tomorrow.
That is exactly the rationale the IT man gave to me when I asked him about the 360 per month.
My feeling is that even if I give him adhoc callouts, it should not cost 3600 per year?
And I just wonder whether regular maintenance on the computers actually decreases the need for callouts?
Big costs for the conveyancer and SMSF set up and they didn't even provide proper advice from what you have said earlier!
Hang in there China! This will be all over by the end of the year. You can then go back and focus on what you do best (i.e the service your provide for your clients/patients). By end of next year, this will all be a distant memory.
Wishing you all the best.
Agreed, but I was in a huge rush when I suddenly received the eviction notice and was desparate to get the process started. In fact, there was no advice.
lets hope you get off lightly then.
This type of thing is what I call the rubber band effect
ta
rolf
