Query on management fees for 3 bed apartment

Management fees, duties of the management company etc.

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Helsbels
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Query on management fees for 3 bed apartment

Postby Helsbels » Wed Jul 05, 2006 8:53 pm

Hi everybody :D

Well we've just put down the 5k deposit and hopefully all being well with mortgage etc we will be joining you in the Square in the near future.

Just a question re management fees. Does anybody know what we should be paying for a 3 bedroom apartment? We've been quoted 1300 by HOK but I read somewhere else on here that it should be around 950. It is a type J apartment the same as the show apartment.

Cheers 8)

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Management fees

Postby gqma0 » Thu Jul 06, 2006 10:03 am

Congrats on your purchase !!

See this thread.
http://balgriffin.com/phpBB/viewtopic.php?t=29

You also have to pay it upfront when signing the contract

Gaetan

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Postby Helsbels » Fri Jul 07, 2006 8:17 am

Cheers for that 8)

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Fees for apartments

Postby tomf » Sat Jul 08, 2006 2:54 pm

I too purchased an apartment. Slightly different type but, basically the same principal -- own hall door.

I see absolutely no reason why the charges for the apartment should be more than 2X the chagres for the houses. We have our own hall doors and the Management company will not do anything inside for us in the common area - as, they will have no access.

Only thing I can think of is the building insurance - not sure if the block insurance only applies to the apartments and not also the houses.

Other than that I really have no clue - I do feel ripped off.

Tom
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Shane
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Postby Shane » Fri Jul 14, 2006 12:57 pm

I'm no big fan of the management company fee either but just wondering if anyone has asked their solicitor to break down exactly what the total fee is made up of? it would be interesting to know how much is allocated to landscaping/refuse/ etc.

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Postby Shee » Fri Jul 14, 2006 5:54 pm

hi

If you ask your solicitor for a breakdown of the management fees they should have it. I know before I signed I got a copy from my solicitor. It includes alot of unneccessary items: alarm maintenance ??? why do we have to pay that when we have to install our own. Budget for abandoned cars ... I can't find the list at the moment but there is a lot of items on it which I would be concerned about.

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Postby Shane » Thu Jul 20, 2006 9:12 am

Tried to locate the breakdown but alas couldnt. will have to ask my solicitor again. if anyone has a breakdown would they mind posting up a quick breakdown.

Thanks
S

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Postby Shee » Fri Jul 21, 2006 1:14 pm

I did get a copy of the management fee's for the next phase but they are a different to the first phase.

I'll post them over the w/end as don't have them with me now

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Postby Helsbels » Tue Jul 25, 2006 6:10 pm

Just got contracts etc fom solicitor today. Don't know where I got the J Type thing for my apartment as it seems that it is something different. But we are the same as the show apartment. Looks like we'll be paying the higher amount anyway :(

Budget A - Apartments with Internal common areas
ESB 4500 Euro
Common area cleaning 11100
Window Cleaning 2000
ESTIMATED TOTAL EXPENDITURE YEAR 1, 17600

Budget B - Apartments and Duplexes
ESB 6000
Insurance - Buildings 20000
Emergency Lighting 850
Alarm maintenance 2500
Contingencies 4000
ESTIMATED TOTAL EXPENDITURE YEAR 1, 33350

Budget C - Estate Costs Apartments& Duplexes & Houses
Insurance - Public Liability 5000
Weekly grounds maintenence 40000
Auditors fees 2000
Bank charges, admin, secretarial fees 410
Emergency 24 hour service 3000
Management fees 45980
esb 10000
Removal of abandoned vehicles 1500
ESTIMATED TOTAL EXPENDITURE YEAR 1, 107890

Budget D Apartments, Duplexes, Townhouses St Samson Court & Square
Purchase of waste bins 8400
Council bin levy 28800
Removal to collection point 5000
ESTIMATED TOTAL EXPENDITURE YEAR 1, 42200

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Postby Helsbels » Tue Jul 25, 2006 6:18 pm

Hmm, now according to the sheet which lists the service charges it states that there are 47 x 2 bedroom apartments, 2 x 3 bedroom apartments, 4 x 2 bedroom duplexes, 35 x 3 bedroom duplexes, 7 x 4 bedroom duplexes and 16 J Types.

Now I know for a fact that there is more than 2 x 3 bedroom apartments so maybe I am a J type after all.

465.04 euro of the service charge under a 3 bedroom apartment comes under budget A which is classed as Apartments with Internal common areas.

My apartment has no internal common areas so there is now way I should be paying for that by the looks of things.

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Postby Helsbels » Tue Jul 25, 2006 6:28 pm

Incidentally the breakdown for apartments is given as follows

2 bed apts
(47 of them) 2.02% of Budget A 354.68 euro, 0.79% of Budget B 265 Euro, 0.27% of Budget C 287.71 euro, 0.69 of budget D 293.06 euro TOTAL 1200 EURO

3 bed apts (2 of them) 2.64% of Budget A 465.04 Euro, 0.97% of Budget B 323.80 Euro, 0.27 of Budget C 287.71 euro, 0.69 of budget D 293.06 Euro
TOTAL 1370 EURO

J Type(16 of them) 0% of Budget A, 0.97% of Budget B 323.80 euro, 0.27%of Budget C 287.71, 0.69% of budget D 293.06 Euro
TOTAL 905 EURO

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fees

Postby tomf » Tue Jul 25, 2006 11:00 pm

Hi

I'd like to agree on the common area -- no way should the fees be charged is you have a 3 bed.
Also, there are more than 2 X 3 beds in the complex.

Additioally, the management fees in excess of 40K for the Managemnt company is WAY excessive.
Just down the road in Grattan Hall with over 140 apartments, the Wallace company charge just over 20K Euro for their annual fee.

I'm sure there are many things to discuss with them when the annual meeting is called.

Remember, we have the right to kick them out and replace them !!!

Tom
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Re: fees

Postby Helsbels » Wed Jul 26, 2006 7:29 pm

tomf wrote:
I'm sure there are many things to discuss with them when the annual meeting is called.

Remember, we have the right to kick them out and replace them !!!

Tom


Well said :D

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Postby Helsbels » Sun Aug 06, 2006 8:21 am

Just had confirmation from our solicitor that we do indeed have a type J apartment which is good news on the management fees. However we do not own the hall and stairs (even though we are responsible for them).

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Fees

Postby tomf » Mon Aug 07, 2006 11:14 pm

I am buying a Type ''O'' 3 bed apartment. THere are only 3 in the estate.

I have a horrible feeling I'm going to be one of the three paying the full whack on Managament fees.

Type J is the 3 bed up the long stairs and if thier fee is 950 Euro or so, then I will be hit with the highest fee.

This is just to do with size of the apartment - type ''O'' goes from 110-118 sq meters.

Ah well, just more to complain about at the Management meeting.

Tom
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