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Management Fees Costs

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  • 07-03-2020 11:03pm
    #1
    anewme
    Registered Users Posts: 11,946 ✭✭✭✭


    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.


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    #2
    Rows Grower
    Registered Users Posts: 8,033 ✭✭✭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.

    "Very soon we are going to Mars. You wouldn't have been going to Mars if my opponent won, that I can tell you. You wouldn't even be thinking about it."

    Donald Trump, March 13th 2018.



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    #3
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭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.


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    #4
    retalivity
    Registered Users Posts: 14,289 ✭✭✭✭retalivity


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


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    #5
    punisher5112
    Registered Users Posts: 24,644 ✭✭✭✭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.


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    #6
    anewme
    Registered Users Posts: 11,946 ✭✭✭✭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.


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    #7
    Caranica
    Registered Users Posts: 10,115 ✭✭✭✭Caranica


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

    Approximate figures


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    #8
    apt2view
    Registered Users Posts: 25 ✭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


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    #9
    dubrov
    Registered Users Posts: 3,569 ✭✭✭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


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    #10
    anewme
    Registered Users Posts: 11,946 ✭✭✭✭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.


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    #11
    Caranica
    Registered Users Posts: 10,115 ✭✭✭✭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


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    #12
    dubrov
    Registered Users Posts: 3,569 ✭✭✭dubrov


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


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    #13
    retalivity
    Registered Users Posts: 14,289 ✭✭✭✭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...


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    #14
    apt2view
    Registered Users Posts: 25 ✭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.


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    #15
    dubrov
    Registered Users Posts: 3,569 ✭✭✭dubrov


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


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    #16
    Arklow10
    Registered Users Posts: 68 ✭✭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.


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    #17
    Muahahaha
    Registered Users Posts: 19,656 ✭✭✭✭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.


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    #18
    randomrb
    Registered Users Posts: 351 ✭✭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


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