Olcovar-Shankill: Management Fees

mairead morris

Hi does anyone know how much the management fee is going to be for Olcovar development in Shankill and who is the management company?

Victor

Note that many management fees are underpriced in the first few years (often by skimping on things like providing a sinking fund for 5, 10 & 20 year maintenance, e.g. auto-gates, lift replacement, drainage repairs, etc.). What you need to do is satisfy yourself with the standard of the company.

Pay them too little and they won't do the job.

goldilocked

This is not strictly related to the Olcovar management fees, but management fees in general. I was talking to the guy who runs the management company that looks after our apartment. The fees we pay cover the usual stuff....lighting, insurance, grass cutting, waste, general cleaning etc., but I was told that the management company must charge VAT on the services they provide. Can anyone tell me if this is true? If so, surely it would be better for each individual resident to pay, for example, their waste charge (we do not have communal bins) individually to save 21% on it?

Thanks ina advance.

Josey_Wales

mairead morris wrote:

Hi does anyone know how much the management fee is going to be for Olcovar development in Shankill and who is the management company?

I just recently moved in to Olcovar and the annual managemnet fee was €1547 which is a bit cheeky considering it is still a building site and nothing will be done on the upkeep side until the development is fully complete.
The management company will be Wyse who have a pretty good reputation or so I'm led to believe..

The_Conductor

Hi,

Yes- you are right.
If you are an owner occupier- you would be far better off paying your refuse charges yourself. Along with saving on VAT, you can also claim back a small portion of the charges against income tax (I think its about 210 Euro- at the marginal rate of tax gives you a rebate of about 40 Euro- its not a lot of money, but its better in your pocket than in the Management Company's or the Revenue Commissioner's pockets.)

We have recently implemented such a scheme in our complex (initially more as a measure to get people to take ownership of their own refuse and to stop littering (a few CCTV cameras help here too)), the tax rebate was a minor piece of icing on the cake for the owner occupiers.

One thing though- whether they are telling you or not, the Management Company is getting a hefty rebate from the council for having multiple bins (in our case we got a 40% discount but felt that the mayhem where no-body gave a damn was worth getting rid of the system in place). Obviously as individual customers of the council you will not command the same rebate.

Another point to note: If moving from communal bins to everyone taking care of their own bins, you may find it necessary to fit magnetic locks on the bins (to stop some people from using your bin instead of paying for their own bin tags.....) Our management company decided to cover the cost of the locks (and keeps the spare keys for the bins in case tenants loose them).

goldilocked wrote:

This is not strictly related to the Olcovar management fees, but management fees in general. I was talking to the guy who runs the management company that looks after our apartment. The fees we pay cover the usual stuff....lighting, insurance, grass cutting, waste, general cleaning etc., but I was told that the management company must charge VAT on the services they provide. Can anyone tell me if this is true? If so, surely it would be better for each individual resident to pay, for example, their waste charge (we do not have communal bins) individually to save 21% on it?

Thanks ina advance.

loodles

Josey - did you have any problems with regards to signing for Olcovar ?
we've been unable to sign as a result of the affordable housing aspect of planning not being finalised. According to our solicitor it should affect everyone but each time I pass by - more and more lights are on! :mad: