None of the above. Estate was built 20 yrs ago and we have ambled along since. Now someone wants to sell and three is a problem for the buyer. Some house owners don't want to be involved in management Co as they say it will cost a lot of money. So I'm wondering if anybody knows the approx costIs there not an OMC set up as part of the planning? Are there company directors already in place? When was the estate built?
How long is a piece of string? It completely depends on what you want to do. There's very little cost in having a management company, you'll need insurance for the directors (cost €480). And a common additional cost is the cost of getting your accounts done (€800). You also need to have a reserve fund in case issues arise that need to be dealt with but this doesnt sound like an apartment block, minimal potential cost and the fund can be a pretty nominal amount that can be paid into over time. Biggest issue will be getting people to step up to actually be directors.None of the above. Estate was built 20 yrs ago and we have ambled along since. Now someone wants to sell and three is a problem for the buyer. Some house owners don't want to be involved in management Co as they say it will cost a lot of money. So I'm wondering if anybody knows the approx cost
Will do thanksStart with reading the MUD Act and the housing agency have a very good guide online
Thanks. Thats all very informative. We were given a price of 10,000 to 13,000 to set up the company. Your price makes more sense and I will look for 2 other quotes.How long is a piece of string? It completely depends on what you want to do. There's very little cost in having a management company, you'll need insurance for the directors (cost €480). And a common additional cost is the cost of getting your accounts done (€800). You also need to have a reserve fund in case issues arise that need to be dealt with but this doesnt sound like an apartment block, minimal potential cost and the fund can be a pretty nominal amount that can be paid into over time. Biggest issue will be getting people to step up to actually be directors.
After that it depends on what do you want to do with your management company. You should already have public liability insurance, this would be rolled into the budget of the company, do you want to pay for landscaping, or any other services (road sweeping, salting during icy weather, etc. etc.)
Maybe others here can give more details on initial set up costs but that feels very high. The ongoing costs are the sort of stuff I listed, there may be some additional legal costs associated with the formation of the company but a lot of it should be standard stuff.Thanks. Thats all very informative. We were given a price of 10,000 to 13,000 to set up the company. Your price makes more sense and I will look for 2 other quotes.
Unless you are getting some free time you’ll need a management agent at circa 3.5-4.5k per yearHow long is a piece of string? It completely depends on what you want to do. There's very little cost in having a management company, you'll need insurance for the directors (cost €480). And a common additional cost is the cost of getting your accounts done (€800). You also need to have a reserve fund in case issues arise that need to be dealt with but this doesnt sound like an apartment block, minimal potential cost and the fund can be a pretty nominal amount that can be paid into over time. Biggest issue will be getting people to step up to actually be directors.
After that it depends on what do you want to do with your management company. You should already have public liability insurance, this would be rolled into the budget of the company, do you want to pay for landscaping, or any other services (road sweeping, salting during icy weather, etc. etc.)
If its a small estate of houses where you're really only taking care of landscaping and an AGM do you really need one?Unless you are getting some free time you’ll need a management agent at circa 3.5-4.5k per year
No we won't need one. It's a small estate of privately owned houses. Some landscaping and public liability insurance - that's it. But probably road maintenance at a later stage.If its a small estate of houses where you're really only taking care of landscaping and an AGM do you really need one?
so who will organise the insurance, pay the landscaper, manage the road maintenance, presume there are street lights and electricity bills ? Etc not saying it’s a big job but someone has to do it.No we won't need one. It's a small estate of privately owned houses. Some landscaping and public liability insurance - that's it. But probably road maintenance at a later stage.
The directors would take on paying the landscaper, electricity and insurance bill. As you say, not a big job.so who will organise the insurance, pay the landscaper, manage the road maintenance, presume there are street lights and electricity bills ? Etc not saying it’s a big job but someone has to do it.
not a big job but a pain in the behind and no good deed goes unpunished in my experience, sometimes easier have a third party, the directors will be residents themselves.The directors would take on paying the landscaper, electricity and insurance bill. As you say, not a big job.
If they are worried about costs a managing agent to pay the few bills would be 30 to 50% of the management charges