Paying mgmt fees after retirement? How?

ted1

klaaaz wrote: »

Bins for a house maybe 250, house insurance per year maybe 500-600 pa. It hardly costs much to mow a lawn yourself if you have one. Still alot cheaper to live in a house without a management fee than in an apartment with a management fee and houses tend to be bigger than apartments with the bonus of having their own private outdoor areas, more value for your euro.

Roof repairs , exterior painting, window replacements, structural issues are all extras a home owner has that a MC fee looks after in the long term they balance out.

ted1

The Enbalmer wrote: »

And when the money is spent it stays spent.A driveway,alarm,windows,roof etc are once or maybe twice in a lifetime expenses.
No house costs 2000 euro per year,every year in maintenance costs.

A roof replacement can cost 40k , someone who bought a second hand house in their 30s may need to replace the roof when they are retired . Windows can cost the same and need replacing replacement when

Wildly Boaring

The Enbalmer wrote: »

Wildly Boaring wrote:

Houses need money spent on them especially if bought in early life.

And when the money is spent it stays spent.A driveway,alarm,windows,roof etc are once or maybe twice in a lifetime expenses.
No house costs 2000 euro per year,every year in maintenance costs.

No but that 2000 includes bins. So now its 1700. It includes all insurance bar contents so now it's 1500 or less.
That's 30k in 20 years and as above the parents have spent 40k in 10 with more to come.

It's a lot of money. I wouldn't like it but I can understand it

ted1

ted1 wrote: »

A roof replacement can cost 40k , someone who bought a second hand house in their 30s may need to replace the roof when they are retired . Windows can cost the same and need replacing replacement when

How many roofs have you seen being replaced?

The Enbalmer

ted1 wrote:

A roof replacement can cost 40k , someone who bought a second hand house in their 30s may need to replace the roof when they are retired . Windows can cost the same and need replacing replacement when

My parents bought in 1973 and the roof doesn't need replacing nor do the windows.

My house was built in 1956 and had new windows in 1990 and they're not going anywhere anymore than the original tiles roof is..just look at the houses in Georgian squares..they don't need new roofs or windows and they're standing for 200 years.
The trick is not to buy either a complete wreck or worse,a modern new build.

The Enbalmer

Wildly Boaring wrote:

No but that 2000 includes bins. So now its 1700. It includes all insurance bar contents so now it's 1500 or less. That's 30k in 20 years and as above the parents have spent 40k in 10 with more to come.

You think management fees aren't going to increase over 20 years?

I'm 19 years in my gaff and the most I spent was 20k on an extension,which you can't do in an apartment.

Wildly Boaring

My house built in 96 and I'd put windows in it in the morning if we weren't selling.

I'd also think of redoing driveway in next 5 years.

That's about it.

No change out of 10k for that in a few years though. And agreed the roof is going nowhere. Can't say the same confidently for the boiler though.

L1011

The Enbalmer wrote: »

just look at the houses in Georgian squares..they don't need new roofs or windows and they're standing for 200 years.

Most of them need both but can't have them due to being protected structures.

ted1

The Enbalmer wrote: »

My parents bought in 1973 and the roof doesn't need replacing nor do the windows.

My house was built in 1956 and had new windows in 1990 and they're not going anywhere anymore than the original tiles roof is..just look at the houses in Georgian squares..they don't need new roofs or windows and they're standing for 200 years.
The trick is not to buy either a complete wreck or worse,a modern new build.

When were the windows last replaced ? My folks replaced their roof this year , house was built probably in the 60s

I remember a flat roof that was about 16 years old cost about 10k.

The Enbalmer

ted1 wrote:

I remember a flat roof that was about 16 years old cost about 10k.

I don't have a flat roof and I don't know anyone who foes.

ted1

The Enbalmer wrote: »

I don't have a flat roof and I don't know anyone who foes.

Grand so you are obviously an exception

pwurple

The Enbalmer wrote: »

No house costs 2000 euro per year,every year in maintenance costs.

:rolleyes::rolleyes::rolleyes:

No, Most houses cost 2k per year in maintenance. At least!

You spent 20k improvement in 19 years, so that’s over 1k per year so far. Did you never paint or clean the outside of it? Gutters, fascia, soffit? No garden cost at all? And no bins or insurance?

The Enbalmer

pwurple wrote:

No, Most houses cost 2k per year in maintenance. At least!

pwurple wrote:

You spent 20k improvement in 19 years, so that’s over 1k per year so far. Did you never paint or clean the outside of it? Gutters, fascia, soffit? No garden cost at all? And no bins or insurance?

Not maintenance..home improvements. Adding value to the house. What home improvements can you make to an apartment? Most blocks won't even let you install a satellite dish and you certainly cannot extend the building and you have no garden or driveway.
Added to that you have a 20% occupancy of social welfare claimants and you're also paying for their management costs. At least with a freehold property any maintenance adds value and if an apartment block suddenly needs 2 million worth of fire remedial work well then the residents have to pay it..as is happening all over the country.

Buying an apartment in Ireland is a mugs game.

Addle

Maintenance doesn’t add value.
It maintains value hopefully.
Improvements don’t always add value either.
Definitely cheaper to run and maintain an apartment than a house.

The Enbalmer

Addle wrote:

Maintenance doesn’t add value. It maintains value hopefully. Improvements don’t always add value either. Definitely cheaper to run and maintain an apartment than a house.

What improvements can you make to an apartment? And why would anyone buy a leasehold interest?

The Enbalmer

L1011 wrote:

Most of them need both but can't have them due to being protected structures.

So you reckon they're all leaking away inside due to rain ingress?

Not a bit of it..I've had offices in several Georgian buildings and I've always been amazed at the quality of their construction and weather tightness.

Modern buildings on the other hand.. cheaply built using cheap materials,cheap labour and skimping on all sorts of vital components.

Apartments are even worse,many of them don't have adequate soundproofing and the priory hall scandal is just the tip of the iceberg viz a viz fire safety.

Addle

The Enbalmer wrote: »

What improvements can you make to an apartment? And why would anyone buy a leasehold interest?

A 999 year leasehold interest is as good as a freehold interest. Apartments can make for great city living options. Not everyone wants to maintain a garden.

Plenty of owners make improvements to apartments.
I know a couple who reconfigured their interior from a 1 bed with separate kitchen/living to a 2 bed with an open plan kitchen and living with great success. A couple of their neighbours did the same thing after.
I’ve seen below attic flat owners extend into attic on tv shows.

Not everyone wants to or can ‘add value’ to their houses. They gain equity my paying their mortgages and then maybe downsizing, to possibly an apartment!

That’s our current plan anyways. Retire to a seaside apartment hopefully.

The Enbalmer

Addle wrote: »

Plenty of owners make improvements to apartments.
I know a couple who reconfigured their interior from a 1 bed with separate kitchen/living to a 2 bed with an open plan kitchen and living with great success. A couple of their neighbours did the same thing after.
I’ve seen below attic flat owners extend into attic on tv shows.

That would cause huge issue with the deeds..and is most likely against the terms of the lease.


Extending into an attic? I'm sorry but i just couldn't see that ever occurring in an irish apartment block!

mariaalice

Forget about the big-ticket items, bins, insurance alone is going to be the guts of 500 to 600 euro a year how are people going to pay for that when they retire let alone any random maintenance costs.

SozBbz

The Enbalmer wrote: »

That would cause huge issue with the deeds..and is most likely against the terms of the lease.


Extending into an attic? I'm sorry but i just couldn't see that ever occurring in an irish apartment block!

A friend of mine has it done in a duplex she owns in Dublin. It was done by the previous owner. Its not a legit 3rd bedroom, but its a great extra space as a home office/somewhere to store things/do the ironing or what ever.

Contrastingly in the duplex I own, the attic spaces are considered part of the common areas and none are therefore converted out of abuot 30 duplexes. Personally I don't think it would be bad it there were solid parameters on how the conversions would happen, but then also I'm sure those not doing it would be impacted by noise etc. Also its giving up something thats supposed to be a joint asset to an owner. In practice it makes no odds, but on paper its kinda giving something up for free.

We are moving soon, and I've no intention of doing it, but I might ask just to see whats possible.

L1011

The Enbalmer wrote: »

So you reckon they're all leaking away inside due to rain ingress?

Not a bit of it..I've had offices in several Georgian buildings and I've always been amazed at the quality of their construction and weather tightness.

Modern buildings on the other hand.. cheaply built using cheap materials,cheap labour and skimping on all sorts of vital components.

Apartments are even worse,many of them don't have adequate soundproofing and the priory hall scandal is just the tip of the iceberg viz a viz fire safety.

Plenty of them are in extremely poor condition requiring constant, expensive maintenance - and they can't be replaced with lower maintenance options. My relatively new windows don't even need to be cleaned externally due to the pythocatalytic coating for instance; as well as really not needing to do anything else - compare to old glass in wooden frames for effort.

As for fire safety - horse hair insulation, frequently no party wall in the attic, centuries of bodged extensions breaking any cohesive firestopping and so on are all common in Georgian houses.

Cyclepath

mariaalice wrote: »

Forget about the big-ticket items, bins, insurance alone is going to be the guts of 500 to 600 euro a year how are people going to pay for that when they retire let alone any random maintenance costs.

+1 . I think regardless of whether you have a house or apartment, it's a bit optimistic to hope that the state pension will cover all your expenses. If you are relying solely on the state pension, you are a candidate for social housing and you have much bigger problems to consider.

The Enbalmer

L1011 wrote: »

As for fire safety - horse hair insulation, frequently no party wall in the attic, centuries of bodged extensions breaking any cohesive firestopping and so on are all common in Georgian houses.

They're still standing 200 years later..what more can you ask for?

L1011

The Enbalmer wrote: »

They're still standing 200 years later..what more can you ask for?

There's Norman castles still standing 800 years later. Doesn't mean I'd want to live in one, or pay the upkeep.

The Enbalmer

L1011 wrote: »

There's Norman castles still standing 800 years later. Doesn't mean I'd want to live in one, or pay the upkeep.

Agreed