management fees: What exactly does the fee cover?

Re: management fees

If you're asking because you got an invoice, you should have been furnished with a copy of the budget for the coming year.
 
Re: management fees

well to start.... agents fees, common area esb, insurance, gardens... as an indication - it should all be on your budget.
 
Re: management fees

. . . probably most importantly, but most intangibly, block insurance (which has to be in place before any mortgage institute will release a cheque).

sinking fund (you need to build up money in the bank)
also - maintenance of any lifts, gates etc on-site.
waste disposal (if by a private company).
vermin control.
 
Re: management fees

Check out the documents received at purchase or if you haven't bought yet get your solicitor to check out what's in the budget.

A big factor is refuse. Not always included. We pay the same fees more or less as my sister does yet mine includes refuse and hers doesn't. I could not justify paying the service charge they have in their development based on the extra expense of having to pay for refuse on top of that. Ours is ok, still less than we paid at purchase in 2004 - we've never paid that much again!
 
Re: management fees

shesells said:
Check out the documents received at purchase or if you haven't bought yet get your solicitor to check out what's in the budget.

A big factor is refuse. Not always included. We pay the same fees more or less as my sister does yet mine includes refuse and hers doesn't. I could not justify paying the service charge they have in their development based on the extra expense of having to pay for refuse on top of that. Ours is ok, still less than we paid at purchase in 2004 - we've never paid that much again!
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Were you able to negotiate down by modifying elements of the budget? How did you justify it?
 
Re: management fees

We shopped around and didn't rely on the builder's buddies! We also cut out some areas of expenditure where it was possible eg window cleaning.
 
Re: management fees

Yes we are doing the same. We're getting quotes for some of the services - eg. landscaping - and switching and they are 40% of current cost.

Did you have difficulties with the agent when it came to implementing the new contractors for the services?

Yes the apartments are charged for window cleaning that has never been done - we could source that quote too.
 
Re: management fees

No the agent was okay with us changing providers, as long as we don't change agent they're ok!

Window cleaning, well we were told that no contractors will do windows off balconies. I have 14 windows/doors, 12 off balconies so I certainly wasn't getting what we were paying for. Brought it to the AGM and voted it off the budget.
 
Re: management fees

as i mentioned in prebious post, think i live quite near you. we have window cleaning of balcony windows (as i discovered when in bed with amn outside cleaning and hence late for work as couldn't get up!)
 
Re: management fees

I know one of the developments in the greater area recently found a company that would clean windows off balconies. We did put it to the most recent AGM but people didn't want the extra expense.
 
Hi,

My sister bought an apartment in Carlow and moved in, in Sept 07 and paid her management fee of €600. In Feb the builders handed over the management company to the estate agent selling the apartments. Now the new management company are look for this year's fees. Is this right?
 
Management fees are generally calculated and charged annually. They are also normally (for the sake of ease) charged on all units at the same time, not on the anniversary of occupation. Your sister may be due a refund of some of her fees if she paid for a full year but was not owner for a full year.
Also, it gets said time and time again. Your sister as an owner is part of the management company. It isn't a "new" management company. Simply the builder has given up their interest in the development.
The managing company usually employs an agency to act on their behalf, including invoicing for management fees. But it is the managing company that uses the money for the upkeep and maintenance of the development as a whole.
 
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