Keep the Promise to Yourself First

A sectional title owner pays into a reserve fund every month because the body corporate makes sure of it, but the owner of a freehold house has nobody holding that promise except themselves.

That makes maintenance on a freehold home a private promise. Nobody sends a levy statement for the roof, and nobody calls a meeting about the gutters before the summer rains. So the owner either sets money aside on purpose or meets every repair as a surprise.

The surprises are expensive in a particular way. A geyser that bursts damages the ceiling under it as well, and a roof that needed attention a few seasons ago now needs new timbers instead of new sealant. Insurers may also look closely at whether damage came from a sudden event or from long neglect, which can matter a great deal when a claim is made.

The owners who do well with freehold homes tend to run themselves like a small body corporate, with a budget, a fund and a list of what is coming due. The house cannot tell the difference between a promise made to a trustee and one made to the mirror.