Average management fees for apartment complex

M

Mebs

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We're thinking of buying an apartment. We've looked at a few on daft.ie and many of them don't state what the annual management fees are.
I'm wondering what kind of annual management fees AAM members might be paying, in order to give us an idea of what to expect. We're looking in Cork city.
 
Mebs said:
We're thinking of buying an apartment. We've looked at a few on daft.ie and many of them don't state what the annual management fees are.
I'm wondering what kind of annual management fees AAM members might be paying, in order to give us an idea of what to expect. We're looking in Cork city.
Click to expand...

paying 1100 per anum for a two bed in limerick , management fees are a complete rip off across the board
 
There are many aspects to buying an apartment, that new buyers dont always understand the significance of initially. Who thinks about the OMC before they buy, yet there are lots of threads on here about them.

To my mind the management fee is the most important of these hidden aspects, after all plenty of OMCs work out fine. But you will always have the management fee.

If you do a net present value calculation on a management fee, using a reasonable discount rate. the results will surprise you.
 
OMC = Something Management Company
Outsourced? a quick search did not reveal what OMC means.
 
I am paying in swords co Dublin
700 for 3 beds
550 for for 2 beds
and 1200 for a 1 bed in a smaller Swords Main Street development (although I consider this extremely overpriced).
 
landlord said:
I am paying in swords co Dublin
700 for 3 beds
550 for for 2 beds
and 1200 for a 1 bed in a smaller Swords Main Street development (although I consider this extremely overpriced).
Click to expand...
I tried to find a better property manager, I find the majority of them to be a bit disinterested in managing my house.

I wonder if there is a rate my property manager website.... Would that be legal?
 
The Management fee can vary greatly for a number of reasons so it is difficult to say what is average.
Does the complex have lifts and/or electric gates? These are expensive items to maintain
What level of landscaping, grass cutting, maintenace of parking areas is required?
Is there a Management agent in place (Many are good many are useless) or does a committee of owners manage the complex on a voluntary basis (Can be good or bad depending on individuals.)
 
I once stayed for a few days in a small apartment on the 2nd floor of a five story building.
The elevator did not work for the 1st, 2nd or 3rd floors, apparently the tenants did not want to bear the associated maintenance costs.
The pavement outside was very uneven, destroyed by tree roots, but nobody wanted to, or could afford to wanted to pay for repairs.
The apartment itself was very tiday, a lot, and I mean a lot like those tiny layouts in Ikea, very liveable. The total cost was 55K. But renting out in BG is risky.
By the way, within three months, the place was broken into. You need secure windows and secure doors.
 
Thanks for all the replies, folks.

A place we had in mind (3 bed) is in the region of €1500 per annum. Had a look at it today but wasn't overly impressed...........
 
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