owner managed apartments

[elainem]

Friend still looking for property in Cork. Came across an apartment block where the owners are the management company. Are there any disadvantages to this? Centrally located apartment, but friend feels that may be the apartment has been reduced significantly due to the fact that it is owner managed. Only 24 units. Secure parking. Aparmtment a little dated, but only cosmetic work. Really appreciate some opinions on owner managed blocks. Also two of the ground floor aparmtments have applied for commercial use. Is this an adantage/disadvantage? Thanks. Elainem.

 

[Yorrick]

I have experience of thIs with a good management company ran by the owners. It will work best where there are a lot of owner residents. It is in their interest to make sure adequate maintenance, landscaping etc are undertaking. At the same time they must ensure that the terms of Company Law are complied with.
If there is a majority of landlord owned apartments the complex can be left get run down as they want to keep maintenace fees low and may not even have a sinking fund. I advise you to get Robert Gogans book on Apartment living in Ireland

 

[AKA]

I'd prefer a well run group of owners acting as the agent for the company - where people actually pay their fees and understand why they need to.

I've also seen where this works well in a mostly owner occupied block of apartments.