This seems incredibly cheap for a management fee for apartments? Does this include insurance, bin collection, lift maintenance, gardening, cleaning of common areas etc? Houses and duplexes may not have access to common areas within apartment blocks and also may have their own insurance so their management fee could be lower. I live in a ground floor apartment and the management fee for two beds in my complex is €1,500 rising to just under €1,600 this year. We have a sinking fund of €80,000 approximately. I am a Director of the OMC and this fee is the most cost effective we can achieve to keep the estate looking well and having best quality services.Ours is 500 a year for ground-floor apartments. There is a slightly higher value for Duplexes, maybe 550 and I think the houses are around 400 a year, based on Co Meath.,
I live in a ground floor apartment and the management fee for two beds in my complex is €1,500 rising to just under €1,600 this year. We have a sinking fund of €80,000 approximately.
How many apartments are in your complex?
This includes insurance. We do not have lifts, we have stairs and everyone pays for their own bins. The price includes the maintenance of the common area including cleaning, power washing, lawn maintenance etc. It also includes the painting on the common sheds we each have.This seems incredibly cheap for a management fee for apartments? Does this include insurance, bin collection, lift maintenance, gardening, cleaning of common areas etc? Houses and duplexes may not have access to common areas within apartment blocks and also may have their own insurance so their management fee could be lower. I live in a ground floor apartment and the management fee for two beds in my complex is €1,500 rising to just under €1,600 this year. We have a sinking fund of €80,000 approximately. I am a Director of the OMC and this fee is the most cost effective we can achieve to keep the estate looking well and having best quality services.
Who are the Directors of the Management Company? Hopefully they are owners of properties in the complex. How many units in the development? Have you ever attended an AGM and familiarised yourself with the budget, sinking fund provision etc? Is the fire safety up to standard? I presume the Directors have appointed an agent to run the estate. I would think owners need to examine the annual accounts carefully and make an honest assesment as to whether fees need to be increased. Inflation alone in the last year or two has been large increases in the cost of most services. Definitely take time to have a closer look here.The management company are trying to increase the fees as they say they are not getting enough for looking after the complex.
I am also astonished by how low some of these maintenance charges are. Insurance is a big cost and yes I would wonder have up to date valuations on the buildings been done? Also has fire safety been updated to current requirements? I understand that not having a lift or electronic gates can save money. Is there a managing agent in place?I am astonished by some of the maintenance charge
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