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Apartment Management Fees

  • 15-11-2022 8:30pm
    #1
    apache
    Registered Users, Registered Users 2 Posts: 2,495 ✭✭✭


    My apartment management fees are €1700 a year for a 2 bed duplex. Got an email saying they were going up next year. I have no idea what to expect. Anyone have any idea what they might raise them by?

    The email mentioned it cost over a million for the upkeep of the complex and are looking for directors at the AGM coming up. It's so easy to moan about it and not get involved.



Comments

  • #2
    antoinolachtnai
    Registered Users, Registered Users 2 Posts: 9,815 ✭✭✭antoinolachtnai


    Inflation is close to 10 percent so on that order? If you didn’t have an increase last year then it could be bigger.



  • #3
    dotsman
    Registered Users, Registered Users 2 Posts: 3,636 ✭✭✭dotsman


    How are the accounts? What about the sinking fund? Are there any large projects on the horizon? You mention an upcoming AGM. Has an information pack been circulated yet? It should contain the proposed budget.



  • #4
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    Every development is different, yours may need significant maintenance/upgrading so the only way to find out is to attend the AGM. No one here will be able to advise you on what to expect, but bear in mind the increase in energy and construction costs.



  • #5
    dennyk
    Registered Users, Registered Users 2 Posts: 1,783 ✭✭✭dennyk


    Impossible for us to say why they might be going up and how much they might go up by. If your place is managed well and has a solid sinking fund and no recent unexpected expenses, it might be a relatively small increase to cover the various rising costs (electricity and utilities for the common areas, insurance, normal maintenance, etc.). If the place is poorly managed and there's expensive work needed that's been put off far too long and the sinking fund is completely inadequate to cover it, it could rise by a significant amount.



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