Buying second hand apartment - what are the things to watch out for?

annaP79

Hi,

would anyone know what would be things definitely to watch out when buying second hand flat in Dublin

the apt. I am thinking of is apparently owned by a company? so even more worried...

lawyer looking into the whole thing but there is nothing better that the wisdom of those who went through the process themselves

any advice greatly appreaciated

q85dw7osi4lebg

1) How much are management fees, and what do they cover?
2) How many (if any) parking spaces?
3) How is the management companies sinking fund? An agent won't know this so contact management company directly.
4) When was it built, is it affected by pyrite?
5) Are neighbouring properties owner occupied or let out?

Naturally you will need a surveyor to have a look at it if you are purchasing via a mortgage, however if you have a family / friend who is a builder / surveyor best to take them along to a viewing to help point out any obvious issues.

annaP79

thank you

will remember to thick all the boxes

if anything else comes to anyone's mind please let me know

K.Flyer

Ask about percentage of units that are up to date with management fees. (If its high its means certain services or repairs cannot get done)
Try to get to view the apartment around 7.00 - 7.30, most of the neighbours will be home by then so you cannot get to see how well, (or how badly) the apartment is insulated against noise.
What type of heating. Gas is fine, electric storage heating can be very expensive to run.
What type of t.v. service provider is allowed. Satellite dishes are banned in a lot of developments.
As mentioned already don't forget your Parking requirements.
Security, how easy / difficult is it to get passed the main door, do the intercoms work to let people in.

I'm sure to think of more...

K.Flyer

Determine where the bin sheds are in relation to your apartment.
You don't want to find out when its too late that they are beside or under your bedroom windows.
Check for signs of damp and mildew, especially around and under the windows. Fresh paint in these areas could be trying to hide something.
Storage space. Apartments are always lacking in storage space, make yourself aware of how much, (or little) you are getting.
If you do buy it, budget for changing all the locks immediately and well before moving anything into the apartment. God only knows who may have keys to the place.

Mrs OBumble

OP, I notice you use the phrase "second hand", which has a negative connotation in some people's minds.

Personally, I think that a previously-lived-in place is better than a brand new one, because it's had some time for the flaws to show up, and the first owner is likely to have had them fixed. And there's been time for the character of the neighbourhood to be established: in a new place, you sometimes have to move in without knowing what sort of people the neighbours are going to be.

Obviously this doesn't apply if it Georgian or whatever, but for built in the last decade or so, I see pre-loved as better.

P. Breathnach

Jeffery Early Visionary wrote: »

...
3) How is the management companies sinking fund? An agent won't know this so contact management company directly....

K.Flyer wrote: »

Ask about percentage of units that are up to date with management fees. (If its high its means certain services or repairs cannot get done)....

Chances are that the management won't deal with you: you have no right to interrogate them if you are not a member. But you can, for a very modest fee, get a copy of the management company's accounts, either from the CRO or from a firm that specialises in such matters (I use DueDil.com). Anybody with a reasonable understanding of accountancy should be able to find the answers to these and other questions. You need to ask for the name of the Owners' Management Company (not the managing agent) so that you can search out the files.

I think that anybody purchasing an apartment without researching the management company is taking a big risk. I walked away from one apartment that Herself and I very much liked when I downloaded the accounts and related documents: there was just too much trouble there.

annaP79

thank you everyone for good points
the list of things to remember is growing only longer !!! . . . . and the management company is at the top of the agenda

I will definitely look into that and all other issues that you all mentioned

thanks again and if sth else comes to your mind please share your thoughts

P. Breathnach

annaP79 wrote: »

... the management company is at the top of the agenda ...

That's where I think it should be. If you are good with accounts, you should be able to interpret a lot for yourself. If you are not confident in that area, seek the help of somebody who can sit down with you and explain things to you. If there is nobody in your circle who can help you, it's worth paying a professional accountant rather than taking a chance.

Also high on the agenda should be noise. Is the soundproofing in the complex good? Might you be bothered by families with children that have not been coached in respecting their neighbours? Or young people renting and having an active social life with lots of parties? It's helpful if you are acquainted with somebody living in the development. Failing that, you can achieve a good lot by asking questions of people you see about the place - but in a well-targeted way: if you ask somebody aged about 30, that person might possibly be a noisy neighbour! Chances are better if you ask the advice of a person a bit older, at a life stage where they might value peace and quiet a bit more.

Warrior1916

I would visit the property / building at different times of the day / night....check noise in the evening and see if there is any anti social behaviour....the local garda station will even tell you if there is a lot of crime / call outs in the area....

My friend bought a flat and it turned out so did the local council who bought 10 flats so there was a mix of social and private residents.

If the building fire compliant has it got a clearance....is there group insurance for the building in case one flat catches fire and it spreads......