To put some numbers around it, many currently “Caretakers Agreements” in Queensland have a caretaking fee of $1,000 per annum + GST per home unit or villa. The fee increases annually by CPI. In some community schemes, the fee is higher – buyers are looking at $1,500 per annum + GST per home unit for a new home unit development in an inner-city suburb in Brisbane.
In a development of 20 home units or villas (which I commonly see), the caretaker receives $20,000 per annum (+ GST) for cleaning the foyers, paths and driveways, keeping the bins area neat and tidy, garbage and rubbish removal, replacing lights, reporting defects, mowing the lawn and gardening. Cleaning materials are extra. Without including the CPI increase, that’s of $500,00 (no GST) over 25 years.
As you might guess, these Caretaking Agreements are very difficult for a body corporate to terminate, although many have tried, mainly because the ‘caretaking’ is so loosely described.
The developer can sell these Caretaking Agreements, but just as often, keeps them as an annuity-style income, and employs a caretaker for much less to look after the caretakers duties.
It’s nice work if you can get it!