Management Charge in Dublin South

apt2view

Hello,

I'm working in Dublin 18 and I am looking to mortgage a apartment is south side of Dublin - Dublin 16, Dublin 18, Co. Dublin.

I see nice apartments in the Sandyford area. The apartments look very nice and good priced but the management charge are very high.

Can you tell me why management charge is 2500-3200? What is a good management charge in Dublin? I see some apartment in City Center and Dundrum with management charge of lower than 1800 but cost 15,000 more for old looking apartment.

Does newer apartment have higher charge? The selling company told me that is why it is high.

Thank you

srsly78

Because there is major work required and people have not been paying. Run away!

apt2view

srsly78 wrote: »

Because there is major work required and people have not been paying. Run away!

Thank you. Can you tell me what work? Management charge is for cleaning, garden and insurance only.

srsly78

apt2view wrote: »

Thank you. Can you tell me what work? Management charge is for cleaning, garden and insurance only.

Possibly fire safety issues which require lots of renovation.

Maybe if there are lots of extra amenities such a high charge can be justified. Is there a free swimming pool and gym?

Management charge covers the entire upkeep of the complex btw - which includes sinking fund and fire safety and everything else.

Claw Hammer

apt2view wrote: »

Thank you. Can you tell me what work? Management charge is for cleaning, garden and insurance only.

Lifts are very expensive to insure and maintain. There may also be other expensive items like security gates to car parks, CCTV and janitor.

punisher5112

apt2view wrote: »

Thank you. Can you tell me what work? Management charge is for cleaning, garden and insurance only.

There needs to be a sinking fund or basically rainy day fund.

Management is you the owner and if not you should be involved as a owner.... (When and if you purchase)


What was happening for years was they were just doing exactly that and no money was been kept for actual real maintenance issues that can and will arise with age, wear and tear and other issues that can happen.


Roof repair or replacement, wall or major structural issues, replacement of say, doors, windows, bin sheds, light poles, lighting equipment and fittings, lift maintenance and replacement etc... So much more....

johnnyskeleton

It can vary quite a lot. At a minimum, they will (should) have:

Block insurance for the buildings
Public indemnity insurance for common areas
Electricity and heating for common areas
Lift mainteance
Bins
Cleaning Common areas
Sinking fund (for repairs)
Management agent fees (to handle queries and organise the money etc)

Additionally, apartment management companies can pay for the following:
Concierge
Security
Gardening
Dedicated site manager

All those fees are then divided up amongst the number of apartments. So a small block with all the bells and whistles could be 5-6k or more per annum, and a large block stripped to minimum can be 1-1.2k. Obviously the more you pay the better stuff you should get.

Tchaikovsky

Just in case you may be considering this complex in Sandyford, please read this first https://www.thejournal.ie/simonsridge-apartments-4968013-Jan2020/

apt2view

Tchaikovsky wrote: »

Just in case you may be considering this complex in Sandyford, please read this first https://www.thejournal.ie/simonsridge-apartments-4968013-Jan2020/

Thanks. That is bad.

I was looking at Beacon.

meijin

apt2view wrote: »

Thanks. That is bad.

I was looking at Beacon.

https://www.independent.ie/irish-news/apartment-owners-landed-with-bills-of-5000-for-fire-safety-work-36597485.html

is that why they want a cash buyer?

accensi0n

meijin wrote: »

https://www.independent.ie/irish-news/apartment-owners-landed-with-bills-of-5000-for-fire-safety-work-36597485.html

is that why they want a cash buyer?

Don't see cash buyer mentioned in this thread?

apt2view

accensi0n wrote: »

Don't see cash buyer mentioned in this thread?

Yes. I have another post here : https://touch.boards.ie/thread/post/112734198

I don't know why they want cash buyer but the advertisement does not say cash buyer. Only when you are offering they say cash buyer only.

I think the problem is not with people not buying. It is the selling companies who are lying to sell.

punisher5112

apt2view wrote: »

Yes. I have another post here : https://touch.boards.ie/thread/post/112734198

I don't know why they want cash buyer but the advertisement does not say cash buyer. Only when you are offering they say cash buyer only.

I think the problem is not with people not buying. It is the selling companies who are lying to sell.

Won't get a mortgage, no bank would allow a purchase that's why

meijin

punisher5112 wrote: »

Won't get a mortgage, no bank would allow a purchase that's why

yes, and once you buy (cash), you're stuck with it!