Buying an apartment

Keary1979

Thinking but not sure of buying an apt in south dublin just wondering what are maintenance fees for also what kind of.insurance is needed
Thank

Paulw

Maintenance fees are for .... maintenance. For the running of the development. For refuse, cleaning, structural maintenance, lifts, doors, gates, etc.

Insurance - you will need contents insurance for your own stuff. The block insurance (part of your management fees) will take care of the structure.

groovyg

Are you living in an apartment at present? Have you lived in apartments before? I have rented various places around Dublin for the past 10 years or so and the one thing I find about apartments is they are small. They also come with management fees and in some cases nosey or annoying neighbours and lists of rules. In my current place you are not allowed to put out clothes on the balcony so you need a dryer or if drying clothes in the apartment get a dehumidfer to stop damp from forming. A colleague in work said she wasn't allowed to run the washing machine at night as the neighbours complained.
I rented a one bed apt for a few years and it was pokey. The current place I live in is a two bed and its very spacious, the complex itself is great and its mostly owner occupied but I wouldn't like to own an apartment there. The communal shed for residents is crap some use it for their bikes and others use it to throw out old furniture they don't want any more. As a result some bikes have been damaged.
If I was in a position to buy I would be looking at a house as I would prefer my own space and a backyard that I call my own and use, also if I have friends visiting they have a room as opposed to the couch in the front room. I'm not sure about insurance but I would presume you would get house contents insurance if you are buying one, all aparment blocks come with management fees and range from €1500-2000+ per year

Keary1979

Paulw wrote: »

Maintenance fees are for .... maintenance. For the running of the development. For refuse, cleaning, structural maintenance, lifts, doors, gates, etc.

Insurance - you will need contents insurance for your own stuff. The block insurance (part of your management fees) will take care of the structure.

Great thanks for thanks

Paulw

groovyg wrote: »

The one thing I find about apartments is they are small. They also come with management fees and in some cases nosey or annoying neighbours and lists of rules.
....all aparment blocks come with management fees and range from €1500-2000+ per year

My apt is larger than any house in our development. It's a 3 bed apt, and has a larger floor space than any of the 3 bed houses.

Managed developments (houses and apartments) come with contracts, which specific clauses you must abide by. You would be given contracts prior to buying which will outline all such clauses.

Management fees vary a lot more than that. Some can be as low as €500 (some even lower), and can be higher too. It depends on so many factors that it's not worth explaining here.

It's up to you to do your research - check the CRO website for articles of association of your management company, check previous years accounts listed on the CRO website, read in detail your Lease contract, all before you sign on the dotted line and buy the place.

Living in a well run managed development can be a lot nicer than living in a house.

Living in a house doesn't mean you'll always get nice neighbours, doesn't mean it will be quiet, doesn't mean you won't have problems. Nothing in life is simple, unfortunately.

MrThrifty

OMG! Not a single off-topic response from the usual suspects telling the OP they're crazy to be even thinking of buying at the moment!! I'm impressed.

Good on the OP for doing this kind of research though into the extra costs associated with an apartment. Good luck with whatever decision you do make. And sorry for being a bit off-topic myself!

the_syco

MrThrifty wrote: »

OMG! Not a single off-topic response from the usual suspects telling the OP they're crazy to be even thinking of buying at the moment!!

To add to this, I suggest that the OP lives in an apartment for at least a year before buying one, as living in an apartment is not for everyone.

MrThrifty

the_syco wrote: »

To add to this, I suggest that the OP lives in an apartment for at least a year before buying one, as living in an apartment is not for everyone.

Agree with this, assuming it's not based on your belief that that property prices will keep dropping till a years time!!

But seriously, I'd say to anyone for that matter who has never lived away from home to rent first to get a feel for what you want in a property etc. Otherwise it's like trying to buy your first car without ever having driven one...

Keary1979

the_syco wrote: »

MrThrifty wrote: »

OMG! Not a single off-topic response from the usual suspects telling the OP they're crazy to be even thinking of buying at the moment!!

To add to this, I suggest that the OP lives in an apartment for at least a year before buying one, as living in an apartment is not for everyone.

The responses have been great not sure what way to go yet ..
Cheers

saa

My maintenance fee's are apparently cheaper because there are no lifts but still 800-900 a year it covers admin, insurance, landscaping, cleaning and a sinking fund.

I know a friends complex has security I wish my estate did would feel much better about my area if they did have it.