average management fees - apartments ?

M

Midsummer

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Hi - I would be interested to know what the average annual management fees were for an apartment (2 bed as an example). The case in mind costs €1500 plus per annum which seems a really a high amount being more than a month's rent.

Thanks

M
 
Last year mine as approx. 1650 for a 2 bed. Am dreading to see what it is this year.
As a matter of interest....if you are an owner occupier, you can claim tax relief on the refuse collection proportion of the service charge only.
If you rent it out, then you can claim the entire service charge off tax.
This was clarified to me by my tax consultant last week.
 
Euro 1500.00 in Cork City & Euro 950.00 in west cork, management company in place in the city complex , owners are running the management company in West Cork
 
Folks... there is no average amount to be paid for an apartment... no two developments are ever the same...

Rents are generally on the decrease however the major category spends in a development

ESB
Insurance
Agents Fees
Refuse

They are all on the increase, therefore the previous one month rent rule of thumb has long since gone.

Dependent on the development a fair figure (again assuming a fair balance of services) for an apartment would be:

1 Bed - €1,200 - €1,500
2 Bed - €1,500 - €2,300
3 Bed - €2,300 - €3,000
 
€800, 2 bed Louth, but it’s worth pointing out they are own door duplex type apartments, so no internal communal areas, lifts or electric gates all of which are big expenses for management companies.
 
Don't forget the management fee includes the building insurance on your apartments / duplex
 
asdfg said:
Don't forget the management fee includes the building insurance on your apartments / duplex
Click to expand...
Other major costs:
Lifts
Landscaping/green areas maintenance.

The fee will be much higher if a sinking fund is being built up. This fund can then be used to replace the lifts, roof tiles or paintwork when necessary.

I'm paying €1700 for a 1 bed near Heuston, but we've built up a sinking fund of over €200,000 and the place always looks well, so I'm happy with that.
 
In my estate, it's €1,4000 for a duplex and €1,800 for an apartment (extra for the fire system, cleaning of the common areas, etc). We don't charge based on the number of rooms but the insurance is split based on the floor size. We have 16 acres of ground to landscape, four gates, three underground car parks to light 24/7 so it's quite expensive but hard to avoid.

Like the others said, comparisons between service charges is a fools errand - it's like comparing apples and oranges. If you wanted to compare landscaping fees, managing agent fees or something like that, then you might have a point.
 
Dublin City Ctr - €1729 for 2bed including parking charge (€165) - sinking fund is in place and the place is always well kept.

Make sure that adequate insurance is in place - i.e. I was in another complex last yr where a fire caused loss of services (esb/water etc) we were re-housed in hotel for a number of weeks all covered by insurance - it's not always covered to this extent so worth checking
 
€1250 per annum for 2 bed apartment in West Dublin. No internal common areas. No lifts in the development. Approx 100 units in the estate.
 
management fee includes the building insurance on your apartments / duplex
Click to expand...

Should also have mentioned that building insurance (rebuilding costs) should be reducing so insurance cost should smaller. Management fee should therefore be reducing
 
Do these fees not turn anybody else off apartment living in Ireland? I am renting a room and the owner pays something similar for a two bed apartment in Dublin which I think is crazy as people seem to get nothing for the fee, its like an extra tax that goes just to the developer instead of the Government!

Are management fees similarly expensive in other countries does anyone know?
 
The point is that the owner does get something for these fees. They get: building insurance, common area maintenance and lighting, lifts, landscaping, general building maintenance, etc.

If you own a house, you pay for all these things (where needed) as a matter of course, why should it be different for apartment owners?
 
€1250 - 2 bed apt in Cork. No lift, small building, 6 apts. Entire complex approx 50 apts. Actual cost amount is less but sinking fund being built up. Service from agent only ok, marks out of 10 they'd just about be a 5 !
 
purpeller said:
The point is that the owner does get something for these fees. They get: building insurance, common area maintenance and lighting, lifts, landscaping, general building maintenance, etc.

If you own a house, you pay for all these things (where needed) as a matter of course, why should it be different for apartment owners?
Click to expand...

No you dont, no lifts, "common area maintenance", usually no landscaping and generally significantly lower yearly costs compared to appartments management fees.
 
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