Management Fees Costs

anewme

I've never lived in a complex with Management Fees, so have no idea of costs. What would be acceptable by way of fees, or is it dependent on area.

Rows Grower

anewme wrote: »

I've never lived in a complex with Management Fees, so have no idea of costs. What would be acceptable by way of fees, or is it dependent on area.

Location and maintenance of common areas would be factors.

Samuel T. Cogley

anewme wrote: »

I've never lived in a complex with Management Fees, so have no idea of costs. What would be acceptable by way of fees, or is it dependent on area.

Lifts are a massive cost.

retalivity

For an indicative comparson, My place in d8, with lifts, common areas, parking :-
1bed - 1400
2bed - 1700
3bed - 2000

punisher5112

These threads keep popping up, huge costs and sinking fund, insurance etc.....

There will always need to be repairs, and even the roof has a life time which will need replacing and similar things.

Make sure if you buy you are including yourself with the board or management of the buildings and surrounding areas as it's the owners that make this up.

anewme

retalivity wrote: »

For an indicative comparson, My place in d8, with lifts, common areas, parking :-
1bed - 1400
2bed - 1700
3bed - 2000

Thanks for the benchmarks. It's way way more expensive than that, but makes sense factoring everything in.

Caranica

In mine (no lifts, surface car park, no electric gates)
1 bed 750
2 bed 970
3 bed 1100

Approximate figures

apt2view

retalivity wrote: »

For an indicative comparson, My place in d8, with lifts, common areas, parking :-
1bed - 1400
2bed - 1700
3bed - 2000

That is very cheap! In Sandyford it costs 2500-3200 for 2 bed!!! And they don't offer anything special.

I asked same question here: https://www.boards.ie/vbulletin/showthread.php?t=2058059368

dubrov

High fees are a bad sign. It usually either means directors are not bothered to monitor costs or there are a lot of people not paying

anewme

apt2view wrote: »

That is very cheap! In Sandyford it costs 2500-3200 for 2 bed!!! And they don't offer anything special.

I asked same question here: https://www.boards.ie/vbulletin/showthread.php?t=2058059368

Thanks for that!

There’s a very good post in there about the variations in service, inc. security etc so that makes sense now.

Caranica

dubrov wrote: »

High fees are a bad sign. It usually either means directors are not bothered to monitor costs or there are a lot of people not paying

Or a lot of expensive things, gates, lifts, underground car parking, water features etc

dubrov

The fees quoted are high even allowing for all of the above

retalivity

apt2view wrote: »

That is very cheap! In Sandyford it costs 2500-3200 for 2 bed!!! And they don't offer anything special.

I asked same question here: https://www.boards.ie/vbulletin/showthread.php?t=2058059368

I don't think it is cheap...from what I understand from other apts in the area, 1600-1800 for a 2bed in similar developments are standard enough. Only place I am aware of with fees of 3k+ has a private gym/swimming pool and a 24hr concierge. I'd be questioning financials if they are looking for 3k+ per annum and claiming its cause of the lifts...

apt2view

retalivity wrote: »

I don't think it is cheap...from what I understand from other apts in the area, 1600-1800 for a 2bed in similar developments are standard enough. Only place I am aware of with fees of 3k+ has a private gym/swimming pool and a 24hr concierge. I'd be questioning financials if they are looking for 3k+ per annum and claiming its cause of the lifts...

The Beacon apartments do not have a pool or gym included. The fees are for building insurance, refuse, common area (including lifts and electricity) and day time concierge.

The concierge is also not good. I rented and the concierge office is most times closed as people are on coffee, lunch break or all the time on the phone... all the time! So even collecting post will take you time.

I think the directors as someone said have to do more to improve the services.

dubrov

In fairness a full time concierge could cost 40k per year. It might explain a good bit of the difference

Arklow10

Check out what the Housing Agency recommend how the sinking fund should be made up.Very few (none I ever saw) have adequate sinking funds put aside
Also if purchasing ask to see minimum two years of the complex accounts.

Muahahaha

dubrov wrote: »

High fees are a bad sign. It usually either means directors are not bothered to monitor costs or there are a lot of people not paying

Yeah directors not bothering to shop around for services can inflate costs. In my place we found out they were paying 12k per year for landscaping and the company was coming from 40 miles away and charging for that travel time. Think something like 5k of the fee was gone for a lad to spend 3 hours driving here and back for every visit. Ructions at the AGM and the directors were forced into finding a local landscaping company who now do a better job for 6k p.a.

randomrb

Muahahaha wrote: »

Yeah directors not bothering to shop around for services can inflate costs. In my place we found out they were paying 12k per year for landscaping and the company was coming from 40 miles away and charging for that travel time. Think something like 5k of the fee was gone for a lad to spend 3 hours driving here and back for every visit. Ructions at the AGM and the directors were forced into finding a local landscaping company who now do a better job for 6k p.a.

If you are purchasing or looking at purchasing you are entitled to last years finicials, budgets and AGM minutes so make sure to look at them before you decide