Apartment Management Fee Query

UsBus

Hi,

I am viewing an apartment next week and am wondering about the cost of annual management fees.
The apartment is a 2 bed, 1 bathroom, near Galway city. Price is less than 200K & the management fee is approx 2000 Euro. There is secure parking. I would say the block of apartments is >20 years old.

I know this is a length of a piece of string type question but is would this fee be on the higher end for this type of apartment these days..?

Stephen P

I owned an apartment up to last year and the fee's were €1800 per annum.  There were 6 blocks in development with 3 floors in each, a lift in each, underground car park and large enough common area with visitor parking.  The more there is to maintain the higher the management fee will be.  There was also a history of insurance claims which led to an increase in the management fee due to higher block insurance.
Do your research first of all.  How many apartments in the development?  Lifts?  Green areas?  If the development is small with not much to maintain I'd ask questions as to why the fee's are high.

Vim Fuego

Sounds high compared to current management fees in our apartment building.

€1,800 per annum (it would be less for smaller units)
3 bed duplex
Dublin city
50 units approx
Secure car park
3 x lifts
Apartment values €350k - 550k
Some garden/common area maintenance
Weekly cleaning of corridors/carpeted hallways etc.
Bi-Yearly window cleaning
Yearly powerwashing of shared area paving
Water feature (that is constantly on the fritz and needs repair)
Bins/Bin Collection


I would recommend speaking to current residents in the development and seeing if they are happy with the service from the management company.

P. Breathnach

It's impossible to say if the fees are reasonable without a great deal more information. €2,000 p.a. is shading on the high side, but not that far away from the norm.

Anybody considering purchasing an apartment should obtain the accounts of the owners' management company and scrutinise them (or, if they don't know their way through a set of accounts, have them scrutinised by somebody who does). It's the apartment buyer's equivalent to a a house-buyers building survey.

April 73

Sounds high to me. Currently paying €800 for a two bed duplex, own front door, no lift in Dublin.

caviardreams

Could be low, could be high, totally depends on what services are provided for it and to what standard/quality.

e.g. an apartment with multiple lifts, CCTV, electric gates, significant landscaping, cleaned and maintained to a high standard etc., it could be very good value

If there are no lifts, mainly paved garden areas, no gates, poorly maintained, it would not seem great value.